Shares of PATEO (02889) experienced a 13% surge yesterday, continuing their upward momentum today despite broader market weakness. As of the latest trading, the stock rose 5% to HKD 189, with a turnover of HKD 50.39 million.
PATEO announced that it recently received a project designation notice from a leading domestic new energy vehicle manufacturer. The company will serve as the supplier for the customer's new vehicle platform, utilizing the Horizon StarChips solution. The announcement explicitly states that this is the industry's first high-end AI cockpit project featuring a fully domestic in-vehicle chipset, marking a strategic commercial milestone for PATEO as it transitions from a leader in smart cockpits to a pioneer in the "cockpit-driving integration" domain.
Notably, on August 7, PATEO announced its first major industrial acquisition since listing, proposing to acquire approximately 70% of Chengdu Mingyi for no more than HKD 1.4 billion. The long-term potential of this acquisition extends beyond the rapid growth of the AI data center market, tapping into the in-vehicle optical communication sector. The two companies will collaborate to deploy in the in-vehicle optical communication field, seizing the opportunity for explosive growth in underlying high-speed data transmission demand driven by the next-generation smart vehicle architecture. This partnership aims to jointly explore the trillion-yuan incremental market of in-vehicle communications, forming an end-to-end data loop.
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