HK Stock Market Move | ZCZL Industrial Technology Group (00564) fell more than 6%. The company plans to issue 4.35 billion yuan of convertible bonds to increase investment in intelligent manufacturing and core components for new energy vehicles.

ZCZL Industrial Technology Group (00564) fell by more than 6%, dropping by 5.39% to HK$22.1 by the time of publication, with a trading volume of HK$72.953 million. On the news front, ZCZL Industrial Technology Group previously announced that it plans to issue convertible corporate bonds worth up to RMB 4.35 billion to unspecified A-share investors. The funds raised will be used for the construction of a new energy vehicle high-end components industrial base, the intelligent upgrade of high-end hydraulic component production systems, the R&D center for intelligent manufacturing across all scenarios, and the construction of the intelligent mobile Siasun Robot & Automation manufacturing base. Public information shows that ZCZL Industrial Technology Group, originally starting with coal machinery business, has in recent years built a structure of coordinated development in three major sectors: coal machinery, automotive components, and industrial intelligence. The funds raised by ZCZL Industrial Technology Group will be invested in these three main business sectors, with a planned investment of RMB 2.187 billion in the automotive components sector.