Quectel Wireless Solutions (603236.SS) announced today that the company has recently been selected as a constituent of the Shanghai Stock Exchange (SSE) 380 Index and admitted to the list of SSE securities eligible for trading under the Shanghai-Hong Kong Stock Connect program.
This allows international investors, both institutional and retail, to trade Quectel’s stocks via the Hong Kong Stock Exchange (HKSE) with the stock code 93236.
The Shanghai-Hong Kong Stock Connect program is a cross-boundary investment platform that permits investors in each market to trade shares on the opposite market using their local brokers and clearing houses. Under this program, only those SSE-listed stocks of the SSE 180 Index and the SSE 380 Index as well as shares that are dual-listed in the two bourses (A+H shares) are eligible.
Quectel was listed on the Main Board of the SSE on July 16th, 2019, which is the largest stock exchange in China by market capitalization. On December 16th, 2019, the company was selected as a constituent of the SSE 380 Index, which consists of 380 stocks with high growth rates and good profitability that aim to comprehensively reflect the performance of the new Shanghai blue chips.
As the industry’s largest IoT module vendor, Quectel has witnessed rapid growth over the years through continuous innovations, an unrivaled portfolio, global presence and excellent support services. In the first three quarters of 2019, the company reported an operating income of 2.85 billion yuan (406.62 million U.S. dollars), up 53.32 percent on a yearly basis.
Quectel’s stock closed at 244.41 yuan (34.81 U.S. dollars) per share on February 21st, 2020, up 456% since its listing, amounting now to a total market cap of 21.80 billion yuan, or 3.10 billion U.S. dollars.
The company is bullish on its future growth and has recently announced the opening of new R&D centers in Hefei / China and Belgrade / Europe. Quectel Wireless Solutions has become the global innovation leader, being the first to launch IoT products for 5G, Low-Power-Wide-Area (connecting sensors in the Internet-of-Things) and C-V2X technology, which is the communication base for autonomous driving.
Patrick Qian, CEO and Chairman of Quectel Wireless Solutions, said:
“We are committed to creating a better world through IoT and I am proud to see this strong endorsement for Quectel. We shall remain focused in delivering the best products and support to our customers.”
The post Quectel Stocks Eligible for Trading under Shanghai-HK Stock Connect appeared first on IoT Business News.
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by IoT.Business.News, Khareem Sudlow
