[SINGAPORE] Shares of mainboard-listed InnoTek rallied on Monday (Oct 13) morning after news of the company clinching projects for Nvidia and Shenzhen-listed IEITSystems.
The stock soared to a three-year high and hit S$0.68 as at 10.39 am, 23.6 per cent or S$0.13 above its Friday closing price of S$0.55, with some 8.4 million shares changing hands. It last traded higher in March 2022.
The supplier of high-precision disk drive components announced on Monday 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 start 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.