Hong Kong Stock Movers | KFM Kingdom (03816) Surges Over 11% Intraday as Luxshare Precision Takes Controlling Stake to Complete Supply Chain Layout

Stock News10-21 15:18

According to Zhitong Finance APP, KFM KINGDOM (ASX: 03816) surged more than 11% during intraday trading. As of press time, it was up 4.50% at HK$4.525, with a turnover of HK$4.6947 million.

On the news front, Luxshare Precision Industry Co.,Ltd. (ASX: 002475) previously announced that it would spend HK$684 million to acquire a 57% stake in KFM KINGDOM, securing a controlling interest.

Citi believes that KFM KINGDOM's consolidated contribution to Luxshare Precision Industry Co.,Ltd.'s revenue and profit will be less than 0.5%, but the focus of this deal lies in precision metal structural components and stamping process capabilities. At the same time, by leveraging KFM KINGDOM's existing manufacturing base in Malaysia and its accompanying capacity expansion plans, it will accelerate production capacity deployment in Southeast Asia.

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