Why Huadi International Group (HUDI) Stock Is Rising

Huadi International Group Co HUDI shares are trading higher Thursday after the company announced a new strategic partnership with China Huanqiu Contracting & Engineering Co, a construction contractor of China National Petroleum Corporation.

What To Know: Haudi has been selected as Huanqiu's first-tier supplier of stainless steel seamless pipes and tubes. Per the agreement, Haudi will supply stainless steel seamless pipes and tubes to Huanqiu and its affiliated subsidiaries as part of Huanqiu's procurement process for contracted construction projects.

"The new engagement with Huanqiu is an award in recognition of our outstanding product, technology and quality and ability to carry out large-scale projects that address the critical need by world's leading oil and gas companies such as CNPC," said Di Wang, chairman of Haudi International.

Huadi International is a developer and manufacturer of industrial stainless steel seamless pipes and tubes products in China.

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HUDI Price Action: Haudi has a 52-week high of $192.88 and a 52-week low $4.50.

The stock was up 15% at $6.50 at time of publication, according to Benzinga Pro.

Photo: Davinder Sangha from Pixabay.