BRIEF: Sanhua denies massive Tesla order rumors after stock surges

2050.HK
002050.SHE
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Refrigeration component maker Zhejiang Sanhua Intelligent Controls Co. Ltd. (2050.HK; 002050.SZ) on Thursday denied rumors that it had secured a massive robotics-related order. The company said no material events had occurred requiring disclosure, and clarified that it didn’t grant any media interviews on Oct. 15.

Online reports surfaced Wednesday claiming Tesla’s Optimus humanoid robot project had placed an order with Sanhua for linear actuators worth $685 million. Sanhua’s Hong Kong shares rallied 13% on Wednesday on the news, with trading volume doubling from Tuesday, while its Shenzhen-listed shares surged by the daily 10% limit.

Sanhua’s stock more than doubled at one point in the brief period after the company went public in Hong Kong in July at HK$22.53 per share. While the shares have eased recently, they still trade 65% above their IPO price.

Sanhua shares fell 6.1% to close at HK$37.08 on Thursday.

By Lau Chi Hang

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