HK Stock Market Move | MEGAIN (06939) surged nearly 23% at the close of trading. Ninestar Corporation's subsidiary, Jihai China, plans to acquire the rights of MEGAIN.

MEGAIN (06939) rose nearly 23% at the close, with a cumulative increase of over 50% this week. As of the time of writing, it rose by 21.57%, reaching HKD 1.86, with a turnover of HKD 119.525 million. On the news front, MEGAIN previously announced that it will introduce a new controlling shareholder. Ninestar Corporation's chip platform Jihai China will acquire a controlling stake in MEGAIN by investing approximately HKD 169 million through its indirect wholly-owned subsidiary. It is reported that Jihai China is indirectly owned by Ninestar Corporation by 81.084%, by National Integrated Circuit Industry Investment Fund Phase II Co., Ltd. by 7.895%, and by 21 other minority shareholders each holding less than 5% of Jihai China's shares. Public information shows that Zhuhai Mejia Yin was established in 2010 and is an indirect wholly-owned subsidiary of MEGAIN Limited. It is mainly engaged in the research, design, development, and sales of compatible consumable chip products, with its ASIC and SOC design schemes leading in the field of chip technology and obtaining multiple patents in product development.