Hong Kong Stock Market Moves: FINELAND LIVING Surges Over 40% in Late Trading, Company Receives Cash Offer Amid Market Speculation of Backdoor Listing by Ruihong Shares
Stock News
Jul 30
Shares of FINELAND LIVING (09978) surged more than 40% in late trading on the Hong Kong stock market, with a cumulative weekly gain exceeding 440%. At the time of writing, the stock was up 39.56% at HK$1.27, with a turnover of HK$10.2529 million.
In a recent announcement, FINELAND LIVING disclosed that Gong Weili, chairman of Jiangsu Ruihong Network, plans to acquire a 50.01% stake in the company for approximately HK$28 million. Notably, Ruihong Shares had already delisted from the New Third Board in March of this year, citing "the need to align with the company's business development and long-term strategic planning." Market speculation suggests that the ultimate goal of this acquisition might be a backdoor listing on the Hong Kong stock exchange.
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