SINOTRUK (03808) opened lower by over 5% in the morning session but quickly reversed course to trade higher. As of the time of writing, the stock was up 3.87%, trading at HKD 31.16, with a turnover of HKD 2.432 billion. On the news front, according to the latest data from the China Association of Automobile Manufacturers obtained by First Truck Web, China's truck market sold a total of 361,000 vehicles in December 2025, a 7% increase from November and a 17% increase year-on-year. Within this, the heavy-duty truck market sold 102,700 units in December, down 9% month-on-month but up 22% year-on-year, although the year-on-year growth rate narrowed compared to the previous month, extending the current growth streak in the heavy truck market to "nine consecutive months of increase." Cumulatively for the full year of 2025, the heavy-duty truck market sold a total of 1.1449 million vehicles, a 27% increase from the 901,700 units sold in the same period the previous year. Notably, two block trades occurred in SINOTRUK before the market opened, executed at HKD 27.62 per share, involving a total of 57 million shares and amounting to HKD 1.574 billion, representing a discount of 7.93% to yesterday's closing price of HKD 30. It is understood that SINOTRUK's H-share entity and the A-share listed company, also referred to as "SINOTRUK," have distinctly different shareholding structures and asset compositions. The H-share entity holds a 51% stake in the A-share company, indicating that from a shareholding perspective, the A-share company is a subsidiary of the H-share entity.