XIANGXING INT (01732) rose nearly 13% in late trading, gaining 9.26% to HKD 0.295 by the time of writing, with a turnover of HKD 1.992 million.

The company and Westwell Holdings jointly announced that Westwell Holdings, as the offeror, had made a pre-conditional voluntary cash partial offer. Last Friday (December 12), approval was obtained from the Executive under Rule 28.1 of the Takeovers Code, and all preconditions were satisfied.

The group stated that the offeror proposed acquiring approximately 371 million shares of the company. Public information shows that Westwell Technology specializes in autonomous driving for commercial vehicles. Upon completion of this takeover offer, XIANGXING INT is expected to become the first Hong Kong-listed stock with a commercial autonomous driving concept.

Additionally, Westwell Technology reportedly submitted an IPO filing report to the Shanghai Securities Regulatory Bureau in April this year, planning to go public on the A-share market.