HK Stock Market Move | Hainan Drinda New Energy Technology (02865) surged more than 38% at one point, with Elon Musk voicing support for space photovoltaics. The company's strategic layout includes low-orbit and space photovoltaics.

Hainan Drinda New Energy Technology (02865) once rose more than 38%, as of the time of publication, it has risen 27.48% to HK$32.84, with a trading volume of HK$1.027 billion. On the news front, according to media reports, on January 22, Tesla CEO Elon Musk openly supported space photovoltaics and disclosed key production capacity plans during a dialogue with BlackRock CEO Larry Fink at the World Economic Forum in Davos, Switzerland. He stated that SpaceX and Tesla are jointly advancing the capacity expansion of CECEP Solar Energy, with the goal of achieving an annual manufacturing capacity of 100GW for CECEP Solar Energy in the next three years. CMBI Securities research report believes that under the drive of the commercial space industry trend, various emerging technologies are being industrialized, with space photovoltaics becoming an important direction. It is worth noting that recently, Hainan Drinda New Energy Technology announced the initiation of a rights issue, intending to use part of the funds raised for the research and production of space photovoltaic battery-related products. Previously, the company disclosed a plan to invest RMB 30 million in cash to acquire 16.67% equity in Shanghai Xingyi Xineng, becoming its second largest shareholder. The two parties will establish a joint venture company specializing in CPI film, CPI film combined with crystalline silicon cells products, to enter the low orbit and space photovoltaic market. CMSC believes that the company has the advantage of large-scale production of crystalline silicon and deep expertise in expanding from ground photovoltaics to space photovoltaics, and is expected to obtain additional growth in the global low orbit satellite and space computing industry.