HK Stock Market Move | Huaqin Co., Ltd. (03296) surged more than 10% in early trading as the company entered the Hong Kong Stock Connect list. It recently completed the acquisition of a minority stake in Nexchip Semiconductor Corporation.
Huqin Technology (03296) surged more than 10% in early trading, as of the time of writing, it has risen 7.66% to HK$79, with a trading volume of HK$63.2178 million.
Huaqin Co., Ltd. (03296) rose more than 10% in early trading, up 7.66% to HK$79 million as of the time of publication, with a turnover of HK$63.2187 million.
On the news front, on May 21, the Shanghai and Shenzhen Stock Exchanges issued announcements stating that Huaqin Co., Ltd. will be included in the list of securities eligible for Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect due to the end of the stable period in the Hong Kong market and the corresponding listing on the A-share market for 10 trading days.
It is worth noting that Huaqin Co., Ltd. has completed the acquisition of a minority stake in Nexchip Semiconductor Corporation. The company previously announced that it planned to acquire 100 million shares of Nexchip Semiconductor Corporation at a total cash price of HK$2.651 billion. After the completion of the acquisition, Huaqin Co., Ltd.'s total shareholding in Nexchip Semiconductor Corporation will increase from 6% to 11%. It is reported that Nexchip Semiconductor Corporation has significant advantages in the field of display driver chip foundry, and the two businesses are highly complementary.
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