HK Stock Market Move | SICHUAN EXPRESS (00107) rose by nearly 4% and plans to acquire up to 85% of the shares of Jingyi Expressway Company for a maximum of 2.2 billion yuan.

SICHUAN EXPRESS (00107) resumed trading this morning and rose nearly 4% in the afternoon. As of the press time, it rose 3.77%, reaching 3.3 Hong Kong dollars, with a turnover of 184.85 million Hong Kong dollars. In terms of news, SICHUAN EXPRESS announced that it has acquired 85% equity of Hubei Jingyi Expressway from its controlling shareholder, Shudao Investment, at a total price not exceeding 2.2 billion yuan, including cash; and through the issuance of no less than 105 million A shares, or no more than 439 million A shares payment, at an issue price of 5.01 yuan Renminbi. The company stated that the proposed acquisition will help expand the company's highway network and is in line with the company's strategic consideration of further enhancing control of high-quality road network resources. It will help strengthen the transportation main business, support the sustainable and healthy development of the company, enhance the company's market competitiveness, and better leverage the scale and synergy effects between industries.