Changes in Hong Kong stocks | Tiangong International (00826) rose more than 4%, and the majority shareholders significantly increased their holdings for two consecutive days, and the company's profit quality welcomed a substantial jump

The Zhitong Finance App learned that Tiangong International (00826) rose more than 4%. As of press release, it had risen 4.17% to HK$3.125, with a turnover of HK$71.7518 million.

According to the news, Tiangong Holdings, the majority shareholder of Tiangong International, significantly increased its shares in Tiangong International for two consecutive days, increasing its total holdings by 2 million shares from August 31 to September 1, involving more than HK$6.37 million. This increase in holdings shows its confidence in the company's long-term development. In the first half of this year, Tiangong International achieved revenue of 2,471 billion yuan, an increase of 5.5% year on year; net profit for shareholders was 226 million yuan, up 11.2% year on year. Excluding exchange and option fees and reverting to the actual tax rate, operating core net profit surged by about 240% year over year to about 290 million yuan, leading to a substantial jump in profit quality.

High-speed steel and cutting tools form the two core engines that drive the continued growth of Tiangong International. In the first half of the year, high speed steel revenue increased 20.8% year on year to 476 million yuan, accounting for the company's revenue ratio from 16.8% to 19.3%. This growth stemmed from two-wheel drive in domestic and overseas markets. Revenue from the cutting tools business surged 42.3% to $565 million, increasing its share of total revenue from 17% to 22.9%.