HK Stock Market Move | Lens Technology (06613) rose more than 4% as Apple announced an expansion of its collaboration with Corning. The company is expected to benefit from processing glass substrates.

Lens Technology (06613) rose more than 4%, rising to 4.56% as of the deadline, with a price of 21.56 Hong Kong dollars and a turnover of 1.72 billion Hong Kong dollars. On the news front, according to market media reports, Apple recently announced a $2.5 billion investment (approximately RMB 17.965 billion) to jointly build a glass substrate production line with Corning in Kentucky, USA, exclusively for the iPhone and Apple Watch. Corning is a supplier of glass substrates for Apple, with production bases in the United States, Japan, South Korea, and Chongqing (newly invested). It is reported that Lens Technology is a supplier of back-end glass processing for Apple, with main production bases in Hunan, China and North Jiang, Vietnam. Corning has distribution centers in Hong Kong and Hunan, China to supply to Lens Technology and conduct back-end processing, with Lens Technology not bearing the related international freight of glass substrates. This time, Corning mainly produces the next generation of glass substrates in the United States, which not only helps in obtaining tariff exemptions but also helps Lens Technology to make updated and more complex designs for the next generation of products, further enhancing market competitiveness.