Elong Power shares rise 10.52% premarket after indirect stakeholder Hapo Tech's subsidiary invests in U.S. IPO.

Elong Power surged 10.52% in premarket trading following the announcement that its parent company, Haopeng Technology, indirectly holds a 172,720-share stake in Elong Power, which recently completed its initial public offering on the NASDAQ. The listing, finalized on November 22, 2024, under the ticker "ELPW," marks a significant milestone for the company and is expected to enhance its market visibility and liquidity. The premarket rally reflects investor optimism over the successful IPO and the potential for increased shareholder value through Haopeng Technology’s ownership stake.