BRIEF: Sanhua denies massive Tesla order rumors after stock surges

2050.HK 002050.SHE
WeRide, Pony AI makes infrastructure

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

RELATED ARTICLES

  1. BRIEF: Sanhua to raise up to $1 billion in Hong Kong IPO
    2050.HK 002050.SHE
  2. BRIEF: Zhejiang Sanhua gets CSRC nod for Hong Kong IPO
    002050.SHE
  3. Will Trump’s drug order put the brakes on China’s overseas pharma drive?
  4. BRIEF: Authentic Brands denies reports of Reebok sale to China’s Anta
    2020.HK
  5. Cirrus Aircraft primed for new financing as its thinly traded stock surges 
    2507.HK
  6. Weichai Lovol planted at forefront of new Chinese agricultural revolution
  7. BRIEF: Jay Chou-connected stock surges after pop star joins Douyin
    6683.HK
Discover hidden China stock gems in our weekly newsletter

Follow us

Facebook Twitter Linkedin Weixin Weibo Youtube

Subscribe to Our Free eNewsletter

Subscribe

Check out our content with some of our syndication partners

factiva

Recent Articles

From classroom crackdowns to shifting cabin crews, China adapts to new realities

Vocational educator Hiducation has become one of the few education companies to test the waters in Hong Kong's booming IPO market. Are investors ready to welcome this group again after a bloody crackdown three years ago? And budget carrier Spring Air is rolling out the welcome mat for more senior flight attendants as old as 40. Are other Asian airlines like to follow this "air auntie" trend, and what's behind it?
601021.SHG