BRIEF: Sanhua denies massive Tesla order rumors after stock surges
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
To subscribe to Bamboo Works weekly free newsletter, click here
Related Articles
BRIEF: Autohome’s profit dips slightly in third quarter
BRIEF: WeRide shares sink in Hong Kong trading debut
BRIEF: Pony AI falls in Hong Kong trading debut
RELATED ARTICLES
-
BRIEF: Sanhua to raise up to $1 billion in Hong Kong IPO
2050.HK 002050.SHE -
BRIEF: Zhejiang Sanhua gets CSRC nod for Hong Kong IPO
002050.SHE
- Will Trump’s drug order put the brakes on China’s overseas pharma drive?
-
BRIEF: Authentic Brands denies reports of Reebok sale to China’s Anta
2020.HK
-
Cirrus Aircraft primed for new financing as its thinly traded stock surges
2507.HK
- Weichai Lovol planted at forefront of new Chinese agricultural revolution
-
BRIEF: Jay Chou-connected stock surges after pop star joins Douyin
6683.HK
