The Zhitong Finance App learned that Chizicheng Technology (09911) rose more than 7% in early trading, and its stock price doubled during the year. As of press release, it rose 4.24% to HK$3.93, with a turnover of HK$18.2383 million.

According to the news, Chizicheng Technology recently announced that in the first quarter of 2024, the average monthly activity of the group's social networking business reached about 285.48 million yuan, an increase of about 2.6% over the previous year; the total revenue from the social business is expected to reach about RMB 980 million to 1.01 billion yuan, an increase of about 65.8% to 70.9% year on year; total revenue from the innovation business is expected to be about RMB 62 million to 72 million yuan, an increase of about 3.3% to 20.0% year on year.

Earlier, Dongying Securities, and Civic Bank Capital successively published research reports on Chizicheng Technology, acknowledging the company's profitability. CMBC Capital believes that the positive impact of the company's profit margin measures will continue and raise the target price to HK$6.0.