Yaoxing Technology Group (08446) fell by more than 10%. It has plummeted 94% in the past year. As of press release, it fell 10.11% to HK$0.40, with a turnover of HK$1.77 million.
The Zhitong Finance App learned that Yaoxing Technology Group (08446) fell by more than 10% and had plummeted 94% in the past year. As of press release, it had fallen 10.11% to HK$0.40, with a turnover of HK$1.77 million.
According to the news, Yaoxing Technology Group recently announced that on January 5, 2024, the company (buyer) signed a memorandum of understanding with Hebei Yifucha Technology Innovation Group Co., Ltd. (Yifucha Technology). The company plans to acquire shares in Yifucha Technology through capital injection or share transfer (proposed acquisition).
According to reports, Yifu Tea Technology is a company founded in China and is located in the Shijiazhuang Pilot Free Trade Zone in Hebei Province. Currently, it has trading companies and e-commerce companies. It is mainly engaged in offline sales of refined, specialty, and excellent products. It has sales channels in 18 provinces and cities including Beijing, Tianjin, Shandong, Shanxi, Jiangsu, Zhejiang, and the three eastern provinces of China.
The announcement stated that the proposed transaction under the memorandum of understanding (if implemented) will expand the scope of the Group's business and broaden revenue sources, which is conducive to the long-term development of the Group, and is therefore in line with the overall interests of the company and its shareholders.