XXF Group (02473) Surges Over 14% Again, Plans to Acquire Kuangshi Technology to Expand Smart Driving Auto Industry Chain Business

Stock News01-21

XXF Group (02473) has surged over 14% again, bringing its cumulative increase for the month to more than 80%. As of the time of writing, the stock was up 13.91%, trading at HK$14.74, with a turnover of HK$229 million.

On the news front, XXF Group recently announced that its indirect wholly-owned subsidiary has signed a memorandum of understanding with Kuangshi Technology. The Group intends to acquire a 51% controlling stake in Kuangshi Technology through either a share purchase or a capital increase.

Public information indicates that Kuangshi Technology is a millimeter-wave radar total solution provider possessing full-chain independent R&D capabilities spanning "chips-algorithms-modules-complete machines-system platforms."

The announcement further reveals that XXF Group, leveraging its nationwide self-operated sales network and extensive experience in vehicle operation and management, is actively exploring the unmanned vehicle business sector.

Kuangshi Technology's R&D and solutions in millimeter-wave radar intelligent perception hold broad application prospects in the field of smart driving and are expected to create significant synergies with the Group's unmanned vehicle business.

The Board believes that if the transaction is successfully implemented, it is expected to help the Group expand its smart driving automotive industry chain business, thereby enhancing its technological reserves and product competitiveness.

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