HK Stock Market Move | Kangda Food (00834) resumes trading with a high open of over 163%, as Gao Sisi acquires approximately 54.69% of the company's shares at a premium, triggering a full purchase of technology.

KANGDA FOOD (00834) resumed trading today, with an opening price rising by over 163% in the morning session. As of the time of writing, the stock has risen by 163.16% to 0.6 Hong Kong dollars, with a trading volume of 6.2852 million Hong Kong dollars. In terms of news, KANGDA FOOD announced that its original largest shareholder, Mr. Wu Jiming, has sold all of his holdings totaling 54.69% to the former non-executive chairman, Mr. Gao Sishi (the offeror), involving 247 million shares at a total price of 65.64 million Hong Kong dollars, equivalent to a price of 0.265 Hong Kong dollars per share. After completion, Mr. Gao will hold 54.69% of the company's equity and will be required to make a mandatory general offer at a cash price of 0.265 Hong Kong dollars per share, representing a 16.23% premium over the pre-suspension closing price and involving up to a maximum of 54.39 million Hong Kong dollars. Mr. Gao believes that this acquisition will bring long-term growth opportunities to the company and plans to support the company's sustainable development through channel expansion and technological upgrades.