HK Stock Market Move | CHINA LIT (00772) rose nearly 6% in morning trading. ByteDance's short drama app went viral overseas. China Literature's short drama and comic drama businesses are developing rapidly.

CHINA LIT (00772) rose nearly 6% in morning trading. As of press time, it was up 5.85% at HK$22.06, with a turnover of HK$171 million. On the news front, according to Sensor Tower data, ByteDance's short drama app PineDrama surpassed 100 million cumulative downloads about nine months after its launch, with approximately 7 million daily active users making it one of the fastest-growing apps in the overseas short drama sector. In addition, DataEye estimates that the AI short drama market is expected to exceed RMB 40 billion by 2026. SDIC Securities issued a research report stating that short dramas originated from plot-driven short videos and have now entered a stage of premiumization and global competition. CHINA LIT's short drama and AI comic drama businesses have progressed from IP incubation to a stage of scaled, platform-based development, and its overseas comic drama business has also begun to extend toward operating its own platform. It is reported that the company's short drama and AI comic drama revenue exceeded RMB 430 million in the first half of the year, a year-on-year increase of 2.3 times.