DZUG (01635) rose more than 3% in morning trading. As of the time of writing, the stock was up 2.94% to HK$3.15, with a turnover of HK$203 million.

The movement follows a company announcement dated May 19. The announcement stated that the company's controlling shareholder, Shanghai Dazhong Enterprise Management Co., Ltd. (Dazhong Qiguan), holds approximately 538 million shares in the company. This total consists of about 495 million A-shares and roughly 43.178 million H-shares, representing 18.23% of the company's total share capital.

The company recently received notification from Dazhong Qiguan that it has pledged 18 million of its shares. Following this latest pledge, the cumulative number of A-shares pledged by Dazhong Qiguan has reached 229 million, accounting for 42.54% of its total shareholding in the company.