HK Stock Market Move | PINE TECH (01079) resumes trading with a more than 30% increase, receiving a takeover offer of 0.068 Hong Kong dollars per share from the acquirer.

PINE TECH (01079) resumed trading with a high opening of over 30%, as of the time of writing, the stock has risen by 30.66% to 0.179 Hong Kong dollars, with a turnover of 532,700 Hong Kong dollars. On the news front, PINE TECH announced that the original shareholders Zhang Sanhuo and Yang Taomei have transferred 53.83% of the company's equity, involving 714 million shares, to an independent third party Yu Wei (offeror) for a total cash consideration of 48.45 million Hong Kong dollars. After completion, the offeror will be required to make a mandatory general offer at a cash price of 0.068 Hong Kong dollars per share, representing a discount of 50.36% from the pre-trading halt level. The offeror intends to maintain the company's listing status after the deadline. The announcement stated that Yu Wei has held senior management positions in several fund management companies in China since 2012. He has been serving as the executive director and fund manager of Qiyuan Zhide since December 2016. Qiyuan Zhide is a registered private equity and venture capital fund manager with the China Securities Investment Fund Industry Association, focusing on the computer parts and systems industry, including computer memory, computing power centers, data centers, and semiconductor chips.