HK Stock Market Move | Anjoy Foods Group (02648) rose over 5% in early trading; net profit for the first three quarters grew 20%; plans to acquire a Singapore frozen bakery company.

Anjoy Foods Group (02648) rose over 5% in early trading. As of press time, it was up 5.17% at HK$66.15, with turnover of HK$23.9328 million. On the news front, Anjoy Foods Group recently released its results, reporting revenue of RMB13.461 billion for the first three quarters, up 18.38% year on year; net profit attributable to shareholders of RMB1.142 billion, up 20.27% year on year. On a quarterly basis, the company reported revenue of RMB4.195 billion in the third quarter, up 11.37% year on year; net profit attributable to shareholders of RMB320 million, up 16.93% year on year. It is worth noting that Anjoy recently announced plans to acquire approximately 60% equity in Singapore's International Foodgnostics Corporation (IFC) for about US$30.474 million in cash. Upon completion of the transaction, Anjoy will obtain control of IFC. IFC is mainly engaged in the research and development, production and sales of frozen cakes, bread and other bakery products. It already has a production base and operating team in China, with customer channels covering coffee drinks, new-style tea beverages, bakery, e-commerce and supermarkets.