HK Stock Market Move | MAOYE INT'L(00848) opened nearly 88% higher upon resumption of trading, after receiving a privatization offer from the offeror at a 110.1% premium.

MAOYE INT'L(00848) opened nearly 88% higher upon resumption of trading, rising 87.88% as of press time to HK$0.186, with a turnover of HK$546,700. On the news front, on the evening of September 29, MAOYE INT'L announced that the offeror, W.F Group Limited, proposed a privatization plan to shareholders. The cancellation price is HK$0.208 per share, representing a premium of approximately 110.1% over the closing price of HK$0.099 before the trading halt. Upon the plan becoming effective, the company will apply for the withdrawal of the listing status of its shares on the Stock Exchange in accordance with the rules. The offeror will not increase the cancellation price. As of the date of the announcement, Huang Weizheng is the sole director and sole shareholder of the offeror, and is a non-executive director and the son of Huang Maoru. The intention of the offeror is that the group will continue to operate its existing businesses and maintain the company's controlling interest in Maoye Commercial, and Maoye Commercial will continue to operate its department store business in China.