HK Stock Market Move | MEILLEUREHEALTH(02327) falls more than 5% during trading hours, the company plans to spend 125 million yuan to acquire all the equity of Jiangsu Yide.

MEILLEUREHEALTH (02327) fell by more than 5% during trading, closing down by 3.57% at HKD 0.27 by the time of publication, with a turnover of HKD 721,900. On the news front, MEILLEUREHEALTH announced a related party transaction to acquire 100% equity interest in Jiangsu Yide from Yuyue Group and Ms. Tan Wensheng. Jiangsu Yide owns 17 commercial properties, 3 residential properties, and 34 parking spaces in Nanjing, with a total area of approximately 5,306 square meters. The total cash consideration is RMB 125 million, to be paid with internal resources. The announcement stated that Jiangsu Yide is mainly engaged in equity investment and property leasing in China. The group is mainly involved in residential and commercial real estate business. Considering the prime location of Yide properties, the board intends to hold the Yide properties for investment purposes through Jiangsu Yide and generate rental income from it.