Hong Kong Hot Stock Analysis: Dazhong Public Utilities (01635.HK) Catalyzed by Moore Threads IPO

Dazhong Public Utilities (01635.HK/600635.SS) is a company listed on both the Hong Kong and Shanghai Stock Exchanges. Its main business covers public utilities such as urban gas and environmental municipal services, with financial venture capital as an important business segment [0]. The company has recently become a market hotspot, with the core catalytic factor being that Moore Threads, a domestic GPU company indirectly invested by it, is about to list on the STAR Market [3][4][5]. The specific investment relationship is: Dazhong Public Utilities directly and indirectly holds about 13.93% of Shenzhen Venture Capital shares, making it the fourth largest shareholder, and Shenzhen Venture Capital’s external investment projects include Moore Threads. Moore Threads’ IPO issue price reached 114.28 CNY per share, setting the highest record for A-share IPOs this year, with an online subscription multiple of 4126.49 times, known as the “first domestic GPU stock” [3].

In the Hong Kong market, 01635.HK rose 8.14% to HK$4.13 on November 24, 2025, further rose 13.39% to HK$4.32 on the 25th, then pulled back to about HK$4.22 [1][3][5]. The Shanghai market (600635.SS) fluctuated synchronously: it rose 10.85% on the 25th, rose another 7.68% on the 27th, then pulled back to 7.77 CNY [2]. Trading data shows that during the price rise period, the trading volume of both markets increased significantly, with the average trading volume in the Shanghai market reaching 299.97M, far exceeding previous levels, reflecting an increase in market trading activity [0][2].

Southbound Funds hold about 70% of the issued shares of Dazhong Public Utilities, indicating institutional attention to the stock [6]. The number of discussions about Dazhong Public Utilities and Moore Threads on platforms like Xueqiu has increased significantly, and investors are full of expectations for Moore Threads’ performance after listing, further boosting market attention [4].

1. Concept Stock Linkage Effect
   : As an indirect investor in Moore Threads, Dazhong Public Utilities’ stock price performance is highly linked to the Moore Threads IPO event, reflecting the market’s pursuit of concept stocks related to the “first domestic GPU stock” [3].
2. Signal from Enlarged Trading Volume
   : During the price rise, the trading volume of both markets increased significantly, indicating obvious capital inflow, but the trading volume shrank during the subsequent pullback, which may mean some investors are taking profits [2][5].
3. Impact of Business Structure
   : Dazhong Public Utilities’ main business is public utilities, and financial venture capital is only one of its businesses. The stock price is greatly affected by venture capital projects, with certain speculative nature [0].

1. Valuation Risk
   : The recent stock price increase has partially reflected the positive expectations of Moore Threads’ listing, and the subsequent upside space may be limited [0].
2. Uncertainty of New Stock Performance
   : There is uncertainty about Moore Threads’ stock price performance after listing. If the performance is lower than expected, it may lead to a pullback in Dazhong Public Utilities’ stock price [0].
3. Industry Competition
   : The domestic GPU market is highly competitive, and the long-term development prospects of Moore Threads are uncertain, which may affect its investment value [0].

1. Potential of Domestic GPU Track
   : As the “first domestic GPU stock”, if Moore Threads performs well after listing, it may drive the value increase of related companies in the entire domestic GPU track [4].
2. Value of Venture Capital Business
   : If there are more IPO exit opportunities for the technology investment projects that Dazhong Public Utilities has laid out through Shenzhen Venture Capital, it may bring investment income to the company [0].

Dazhong Public Utilities (01635.HK) has recently become a hot stock in the Hong Kong market due to the upcoming listing of indirectly held Moore Threads on the STAR Market, with obvious fluctuations in stock price and trading volume. Southbound Funds and investors are highly concerned about this event, but attention should be paid to risks such as the partial reflection of positive expectations and the uncertainty of new stock performance. The dual attributes of public utilities and financial venture capital in its business structure determine that the stock price is supported by the stability of basic business and also affected by the performance of venture capital projects.

• Hong Kong Market (01635.HK)
  : Support level at HK$4.00, resistance level at HK$4.50 [0].
• Shanghai Market (600635.SS)
  : Support level at 7.50 CNY, resistance level at 8.50 CNY [0].