The Zhitong Finance App learned that Qiantang Holdings (01466) rose more than 4%. As of press release, it rose 4.55% to HK$0.69, with a turnover of HK$1.08 million. The company's stock price has surged 100% in the past five trading days.
According to the news, the company recently announced that Eminent Affluent Limited, a wholly-owned subsidiary of the company, plans to acquire all of the issued shares of Tonnett Julis Holdings Limited from Ketto Inform Limited at a cost of HK$42 million, of which HK$10.5 million will be paid by the company through the distribution and issuance of about 39.9954 million shares; and HK$31.5 million will be paid by the company through the issuance of convertible bonds.
In addition, Qiantang Holdings recently announced full-year results for the year ended March 31, 2023, achieving revenue of HK$86.88 million during the period, an increase of 38.68% over the previous year; shareholders should have a profit of HK$8.726 million, while losing HK$15.462 million in the same period last year; and profit of HK$0.01 per share. Turning losses into profits is mainly due to anticipated credit loss provision and reduced financial costs for other accounts receivable.