DONGWU CEMENT (00695) rose over 11% during the morning session, reaching a high of HK$9 and setting another historical peak.

As of the time of writing, the stock was up 9.88% to HK$8.9, with a turnover of HK$14.5782 million.

The movement follows an announcement made by the company in August of last year, stating that its controlling shareholder, Goldview, sold a portion of its shares to Ganghang Hong Kong and Fenyuan Capital.

Both acquiring parties in this transaction have deep state-owned capital backgrounds.

Information indicates that Ganghang Hong Kong is the wholly-owned Hong Kong subsidiary of Ganghang Group, whose ultimate beneficial owner is the State-owned Assets Supervision and Administration Commission of Suzhou Municipality.

Fenyuan Capital is a wholly-owned subsidiary of Fenhu Investment Group, which is a core platform under the administration of the Fenhu High-Tech Industrial Development Zone Management Committee and is also part of the Suzhou state-owned capital system.

It was highlighted that the sole actual controller of Goldview is Jiang Xueming.

Following the completion of this transaction, Ganghang Hong Kong, with a 28% stake, became the single largest shareholder of DONGWU CEMENT, while Fenyuan Capital holds a 9% stake, and Jiang Xueming will still retain a 16.89% shareholding in the company.

Notably, Jiang Xueming is the current Chairman of Dongxin Semiconductor Co., Ltd.

Dongxin Semiconductor recently stated on an investor interaction platform that LISUAN Technology is currently operating well, and related work for its first self-developed GPU chip, the 7G100—including customer sampling and testing, product manufacturing, software support and optimization, and sales expansion—is progressing normally.