HK Stock Market Move | PLOVER BAY TECH (01523) rose more than 3%, proposing a spin-off and plans to list the spun-off entity on NASDAQ independently.

PLOVER BAY TECH (01523) rose more than 3%, as of the time of publication, it rose 3.31% to 8.74 Hong Kong dollars, with a turnover of 49.651 million Hong Kong dollars. On the news front, on February 25th, PLOVER BAY TECH announced that the company is seeking to spin off its entity and list it independently on NASDAQ. The company has submitted a proposal for the proposed spin-off to the Stock Exchange in accordance with the 15th application guidance, and the Stock Exchange has approved the company to proceed with the proposed spin-off. The proposed spin-off will be carried out by distributing all the shares of the spin-off entity held by the company to shareholders in proportion. The common stock of the spin-off entity will then be independently listed on NASDAQ. As of the date of this announcement, the spin-off entity is a wholly owned subsidiary of the company; after the proposed spin-off is completed, the spin-off entity will be spun off from the company, and the company and the spin-off entity will form an independent listed structure, and shareholders (excluding eligible shareholders) will have the right to hold shares of both the company and the spin-off entity.