HK Stock Market Move | INNOSCIENCE (02577) rose more than 14% in early trading. The company recently signed a joint development agreement on gallium nitride technology with STMicroelectronics.

INNOSCIENCE (02577) rose more than 14% in early trading, with an increase of 10.55% at the time of writing, reaching HK$41.9, with a turnover of HK$39.8571 million. On the news front, INNOSCIENCE announced that the company has signed a joint development agreement with STMicroelectronics for the development and manufacturing of gallium nitride power technology. The agreement aims to jointly promote the application of this technology in areas such as consumer electronics, data centers, automobiles, and industrial power systems in the coming years. Under the joint development agreement, INNOSCIENCE can use STMicroelectronics' manufacturing capacity outside of China to produce its gallium nitride wafers, while STMicroelectronics can also utilize INNOSCIENCE's manufacturing capacity in China to produce its own gallium nitride wafers. It is reported that by 2024, INNOSCIENCE's products will continue to increase their share in the consumer electronics application field, with revenue growing by 48% year-on-year. Significant breakthroughs have been achieved in the field of new energy vehicles, AI, and humanoid robots & automation: the delivery volume of automotive-grade chips has increased by 986.7% year-on-year, while the delivery volume of AI and data center chips has increased by 669.8% year-on-year. It is worth noting that according to the latest announcement from the Hong Kong Stock Exchange, INNOSCIENCE has officially been included in the Stock Connect on March 10, 2025, which is expected to attract global funds and consolidate its core position in the gallium nitride industry chain.