HK Stock Market Move | CITIC FAMC (02799) rose nearly 3%, planning to invest 50.3 billion yuan to further optimize investment pathways, involving several major acquisitions.

CITIC FAMC (02799) rose nearly 3%, as of the press release, it rose 2.78% to HK$0.74, with a turnover of HK$7.9492 million. On the news front, CITIC FAMC announced that in recent years, the company has seized market opportunities and carried out a series of investment allocations, achieving positive results. In order to maximize shareholder interests, the company plans to further optimize investment paths and increase investment intensity on the basis of previous investments. The company plans to hire CITIC SEC, China Securities Co., Ltd. as professional advisors to further promote investment allocation schemes, including within a total investment scale of not more than RMB 50.3 billion: 1) Further purchase CITIC's 4.88% shares for approximately RMB 11.266 billion by signing a share transfer agreement; 2) Further purchase Bank Of China shares for not more than RMB 26 billion; 3) Further purchase China Everbright Bank shares for not more than RMB 4 billion; 4) Commissioning Zhongxin Trust (as trustee), CITIC SEC (as advisor), China Securities Co., Ltd. (as advisor), and CITIC BANK (as custodian) to establish a single asset service trust for investment not exceeding RMB 20 billion. In addition to the fourth trust product with a stipulated duration of 3 years, transactions 1 to 3 are planned to be implemented within 12 months from the date of formal approval at the interim shareholders' meeting for the proposed plan. If not completed within this period, the company will perform additional corporate governance procedures as needed.