QuantGroup Shares Surge Over 31% in Morning Session on Plan for New E-Commerce Platform

Deep News06-18 10:01

Shares of QuantGroup (02685) opened sharply higher, gaining more than 35% in early trading. At the time of writing, the stock is up 31.01%, trading at HK$14.66 with a turnover of HK$189 million.

The company announced that it has, through a consolidated affiliate, acquired a China-based company from an independent third party. The acquired company has not commenced any business operations but holds an Internet Content Provider (ICP) license, a permit required for value-added telecommunications services related to internet information services.

The group proposes to launch a new consumer e-commerce platform focusing on healthy living, personal efficiency enhancement, and emotional companionship. This proposed new platform will offer a diverse range of products, including hardware items covering smart categories, smart hardware, and high-tech products.

The board believes the acquisition will accelerate the launch and operation of this proposed new platform and enhance its core technical capabilities. According to China's Internet Information Service Management Regulations, entities providing "commercial internet information services" must obtain an ICP license. As the application process for an ICP license in China is relatively lengthy, the acquisition is expected to shorten the launch timeline for the group's proposed new platform.

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