InnoTek surges 11.8% on Nvidia order wins, hits three-year high
It has eased eased to S$0.605, still up 10 per cent or S$0.055, with some 5.1 million shares changing hands
[SINGAPORE] Shares of mainboard-listed InnoTek surged on Monday (Oct 13) morning after news of the company getting approved as a vendor for Nvidia and Shenzhen-listed Ieit Systems.
Shortly after market open, the stock soared to S$0.615, 11.8 per cent or S$0.065 above its Friday closing price of S$0.55. This marked a three-year high for the stock as the last time it traded higher was in April 2022.
By 9.22 am, it had eased to S$0.605, still up 10 per cent or S$0.055, with some 5.1 million shares changing hands.
On Monday, the supplier of high-precision disk drive components announced that two of its subsidiaries had clinched projects to produce components for Nvidia and Ieit Systems.
Its subsidiary Magix Mechatronics (Dongguan) Company had secured initial precision machining orders for components used in Nvidia products, with production expected to commence in Q4 FY2025.
Its other subsidiary, Sun Mansfield Manufacturing (Dongguan) Company, won a new project to produce metal casings and components for graphics processing unit servers for Ieit Systems, with manufacturing set to commence in October.
Ieit Systems is a provider of data centre and cloud computing infrastructure listed on the Shenzhen Stock Exchange. It is part of the Chinese state-owned Inspur Group, which is the country’s largest server manufacturer and one of the top global suppliers by market share.
