Shares of Linklogis Inc. (HKG:9959) soared 7.06% on Tuesday, as the Hong Kong-listed supply chain solutions provider announced a major acquisition move by its subsidiary.
According to a filing, Linklogis' unit Lianruida Supply Chain Services agreed to acquire an additional 29% stake in Shenzhen Bytter Technology, a Chinese treasury management solution provider. The deal, valued at 47.5 million yuan (around $6.7 million), will increase Lianruida's shareholding in Shenzhen Bytter Technology from 25% to 54%.
Investors seem to be welcoming this acquisition, which is likely seen as a strategic move by Linklogis to expand its business and strengthen its position in the treasury management domain. The increased ownership in Shenzhen Bytter Technology could potentially boost Linklogis' financials and growth prospects in the future.
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