Yunfeng Financial (00376) saw its shares rise by nearly 18% during morning trading, following a gain of over 10% in the previous session, which ended with a more than 3% increase. As of the latest update, the stock was up 13.45%, trading at HK$3.12, with a turnover of HK$101 million.
The market movement comes after Yaocai Securities Financial announced a temporary trading halt this morning, following a nearly 34% surge in its share price last Friday. The reason for the suspension has yet to be disclosed. Notably, Yaocai Securities Financial had previously announced a revised agreement with Ant Group, extending the final deadline for the tender offer to March 25, 2026. The Hong Kong Securities and Futures Commission has already completed the relevant approval process.
Market attention is now focused on the progress of approval from China's National Development and Reform Commission. In 2015, Yunfeng Fund, co-founded by Alibaba founder Jack Ma, acquired a 56% stake in the Hong Kong-listed brokerage firm Rhea Group for HK$2.68 billion through its controlling subsidiary Jade Passion, achieving a backdoor listing. Yunfeng Financial holds Hong Kong SFC licenses types 1, 4, 6, and 9, enabling it to provide services including securities trading, securities advisory, corporate finance consulting, and asset management.
Comments