HK Stock Market Move | XXF (02473) surges more than 14%, plans to acquire Momenta Technology to expand the smart driving car industry chain business.

XXF (02473) rose by more than 14%, with a cumulative increase of over 80% within the month. As of the time of publication, it has risen by 13.91%, reaching HK$14.74, with a turnover of HK$2.29 billion. On the news front, XXF recently announced that its indirect wholly-owned subsidiary has signed a memorandum of understanding with Xunshi Technology. XXF intends to acquire 51% of Xunshi Technology's controlling rights through equity acquisition or capital increase. Public information shows that Xunshi Technology is a millimeter-wave radar overall solution provider with independent research and development capabilities across the "chip-algorithm-module-complete machine-system platform" chain. The announcement states that XXF, with its nationwide self-operated sales network system, rich experience in vehicle operation and management, is actively exploring the field of unmanned vehicle business. Xunshi Technology's research and solutions in the field of millimeter-wave radar intelligent perception have broad application prospects in the field of intelligent driving, which has significant synergies with the group's unmanned vehicle business. The Board believes that if the transaction is completed, it is expected to help the group expand its intelligent driving automobile industry chain business, enhance technology reserves, and product competitiveness.