Yu Chengdong, CEO of Huawei's consumer business, unveils the company's HarmonyOS on Friday in Dongguan, South China's Guangdong Province. Photo: Courtesy of Huawei

Shares in companies that have business connections with Huawei and its open-source operating system HarmonyOS, or Hongmeng in Chinese, have risen in the domestic capital markets in recent days. 

"This might be speculative investment, as so far it's hard to predict the scale of earnings these companies can get from their business cooperation with Huawei. Even though the company's revenues may jump, this won't be revealed in their financial data in the short term," one securities analyst told the Global Times on Wednesday. 

"I don't advise investors to follow this kind of investment," said Yang Delong, chief economist at Shenzhen-based First Seafront Fund Management Co. 

On Tuesday, the Shenzhen Stock Exchange issued a letter to ChangshanBeiming, a fabric and high-tech company based in North China's Hebei Province, asking the company to give a detailed explanation about its cooperation with Huawei, including the cooperation background, content and capital amount. 

ChangshanBeiming was also asked to disclose the contribution from its business cooperation with Huawei Hongmeng to the company's revenues and profits in the last two fiscal years. 

ChangshanBeiming's share price surged by 9.98 percent on Tuesday, following a 5.65 percent rise on the previous trading day. The company's share price touched the trading limit again on Wednesday. 

The company's stock price surged abruptly after the company disclosed to investors on Monday morning that its software business was cooperating with Huawei's Hongmeng system. 

Some investors questioned whether the company mentioned its cooperation with Huawei in order to boost its stock price and whether there had been insider trading. ChangshanBeiming denied these accusations on Tuesday on cninfo.com, an online platform launched by the Shenzhen Stock Exchange to allow communication between investors and listed companies. 

Earlier, the Nanjing-based intelligent technology company ArcherMind Technology (Nanjing) Co, also saw its share price rise by the daily limit of 10 percent for seven consecutive trading days from October 8 to 16, after the company said in a statement that it was planning to set up a new software company in cooperation with Wuhan-based Deepin, one of Huawei's business partners. 

According to Yang, considering the fact that Huawei has invested a lot of capital into research and development, and has strong capabilities in developing software and hardware products, their business partners might benefit from the business opportunities provided by Huawei. 

"But it's hard to say whether those benefits will turn into actual growth for those companies," Yang said, suggesting that investors should not jump in blindly.