Shares of Zhaowei Machinery & Electronics (02692) rose more than 7%. At the time of writing, the stock was up 7.15% to HKD 69.65, with a turnover of HKD 6.3087 million.
On the evening of April 9, the company announced that its board of directors had approved a proposal to participate in the bidding for a state-owned land use right in Bao'an District, Shenzhen. The plan involves investing approximately 800 million yuan to construct an industrial park project for dexterous hands and micro-drive systems. This move aims to further strengthen the company's presence in the robotics sector, optimize production capacity distribution, and enhance its industry position and market share in the fields of micro-drive systems and dexterous hands.
According to the announcement, the targeted land parcel, identified as A317-0592, is located in Xinqiao Street, Bao'an District, Shenzhen, covering an area of approximately 18,800 square meters. The starting bid price for the land is 40.91 million yuan. After securing the land use right, the company will invest in the construction of the Bao'an Dexterous Hand and Micro-Drive System Industrial Park. The total planned investment for the project is about 800 million yuan, with funding to be sourced from the company's internal funds or self-raised capital.
The project has a long construction cycle and is not expected to have a significant impact on the company's financial or operational performance in the short term. It is not anticipated to harm shareholder interests.
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