The Zhitong Finance App learned that Fanyuan International (02516) rose more than 16% at the end of the session. As of press release, it had risen 16.05% to HK$0.94, with a turnover of HK$6.21,1800.
According to the news, Fanyuan International announced that the price stability period for the relevant share sale ended on January 18, 2024 (Thursday) (that is, the 30th day after the deadline for submitting applications for public sale). Furthermore, the sole overall coordinator confirmed that the placement did not overallocate shares. As a result, no over-allotment rights have been exercised.
According to reports, Fanyuan International is a cross-border e-commerce logistics service provider, mainly engaged in providing end-to-end cross-border logistics services. It is worth mentioning that Fanyuan International has strong ties with the Ali family. According to public information, in December 2018, Fanyuan International and Yidatong, a subsidiary of Alibaba Holdings, began cooperation to provide logistics services to its customers by being included in the list of logistics service providers. In 2021, Hangzhou Fanyuan was introduced to Alibaba China; in the same year, Hangzhou Fanyuan received the first customer award from Alibaba's cross-border supply chain (China-US Charter Flight Project Team).