HK Stock Market Move | ADD NEW ENERGY (02623) rose nearly 7% in early trading, with the company's controlling stake about to change hands to PIH.

ADD NEW ENERGY (02623) rose nearly 7% in early trading, with a 4.49% increase at the time of writing, reaching 4.89 Hong Kong dollars with a turnover of 2.4866 million Hong Kong dollars. On the news front, ADD NEW ENERGY announced that PIH and Wu Haigan have completed the acquisition of 55.66% of the company's equity for a total consideration of 80 million Hong Kong dollars, triggering the unconditional mandatory general cash offer system in the Hong Kong stock market. PIH has become the new controlling shareholder of the company. The announcement stated that the offeror intends to continue operating the company's existing main business and maintain its listing after the offer ends, and may from time to time explore other business opportunities and consider whether to carry out any asset acquisitions or disposals, fundraisings, or business restructuring plans to achieve business diversification or even long-term business growth.