ZHIDA TECH (02650) surged more than 12%, reaching an intraday high of HK$285.6, setting a new record since its listing. As of the time of writing, the stock was up 10.71% to HK$281.2, with a turnover of HK$22.5641 million.

In December of last year, the company announced the signing of a sales order valued at over 100 million yuan with its local Saudi Arabian partner, Saudi Controls Ltd. The two parties will collaborate over the next five years, during which ZHIDA TECH will supply a variety of AC and DC electric vehicle charging pile products.

To meet the growing demand in the Saudi and broader Middle Eastern markets, the company plans to complete production equipment by December 2025 and ship it to Riyadh, with mass production expected to commence in the first quarter of 2026.

ZHIDA TECH also stated its intention to expand its business into countries such as the United Arab Emirates, Qatar, and Kuwait in the coming years, further solidifying its market leadership position in the Middle East.

It is worth noting that, as the world's largest provider of home charging solutions for electric vehicles, ZHIDA TECH has a deep strategic layout based on a trinity model of "Product + Service + Digital Platform."

According to data from Frost & Sullivan, the company holds approximately 9.0% of the global market share for home charging piles and a 13.6% share in the Chinese market, ranking first in sales within China.