Shanghai Zhida Technology Development (02650) Surges Over 4% to Record High, Up Nearly 300% from IPO Price, Secures Billion-Yuan Order for Middle East Expansion

Stock News12-04

Shanghai Zhida Technology Development (02650) rose over 4%, hitting a record high of HK$264, marking a near 300% increase from its IPO price. At the time of writing, the stock was up 3.94% to HK$263.6, with a turnover of HK$3.1393 million.

The company recently announced signing a sales order worth over 100 million yuan with Saudi Arabia-based partner Saudi Controls Ltd. The five-year agreement involves supplying various AC and DC electric vehicle charging piles. This strategic partnership signifies the company's entry into the Saudi and broader Middle Eastern markets.

To meet growing regional demand, Shanghai Zhida Technology Development plans to complete production equipment by December 2025 for shipment to Riyadh, with operations expected to commence in Q1 2026. The new facility will establish Saudi Arabia as its Middle East manufacturing hub, delivering high-quality, localized EV charging solutions.

The company also aims to expand into the UAE, Qatar, Kuwait, and other regional markets, further solidifying its leadership position in the Middle East.

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