Thursday, QUANTGROUP surged over 36% after acquiring an ICP license holder and suggesting the launch of a consumer e-commerce platform.

QuantGroup announced that it has acquired, through its consolidated affiliated entities, a company established in China from an independent third party. This company has not yet commenced any business operations and holds an Internet Content Provider (ICP) license for value-added telecommunications services (III). The Group proposes to launch a new consumer e-commerce platform focusing on healthy living, personal productivity enhancement, and emotional support. The proposed new platform will offer a diversified range of products, including hardware products covering smart categories, smart hardware, and high-tech products.

The Board believes that the acquisition will accelerate the launch and operation of the proposed new platform and enhance its core technological capabilities. According to the "Administrative Measures for Internet Information Services," providers of "commercial Internet information services" must obtain an ICP license. Given the relatively lengthy process of applying for an ICP license in the People's Republic of China, the acquisition is expected to shorten the launch time of the Group's proposed new platform.