Stock Track | Guoquan Soars Nearly 9% on Major Acquisition Deal

Stock Track2024-09-27

Shares of Guoquan Food Shanghai Co Ltd (02517) surged 8.83% to close at a new high on Thursday, as investors cheered the company's announcement of acquiring a 41% stake in a target firm.

Guoquan revealed it will acquire the 41% equity interest in the unnamed target company for RMB 210.6 million. While details of the target business were not disclosed, the substantial investment suggests Guoquan is positioning for major growth through this acquisition.

Analysts view the deal positively, as it allows Guoquan to potentially expand into new product lines or markets through the acquisition. The purchase price also indicates the target company holds significant value and growth prospects that Guoquan aims to capitalize on moving forward.

The market reaction was overwhelmingly positive, with Guoquan shares soaring to new highs as investors anticipate the strategic benefits this acquisition could bring to the company's future performance and profitability.

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