PATEO (02889) soared over 15% in morning trading, reaching a high of HK$177.6, representing a cumulative gain of nearly 75% from its IPO price of HK$102.23. As of press time, the stock was up 13.1% at HK$174.4, with trading volume of HK$32.26 million.

On the news front, Porsche announced on September 28 that it has entered into a strategic partnership with PATEO to jointly develop a next-generation infotainment system specifically designed for the Chinese market. The system is scheduled to be deployed across multiple Porsche vehicle models in 2026.

According to public information, PATEO is a leading supplier of intelligent cockpit solutions in China. Based on data from Frost & Sullivan, the company ranked as the third-largest supplier of intelligent cockpit domain controller solutions for passenger vehicles in China by shipment volume in 2024, capturing a 7.3% market share, trailing only behind competitors with market shares of 21.7% and 10.4% respectively.