Bright Future Technology (HKG:1351) said it became the subject of a mandatory takeover after an independent third party acquired a controlling stake in the business, according to a Hong Kong bourse filing Wednesday.

Shares of the intelligent marketing solutions provider gained nearly 44% in midday trade Thursday.

A firm identified as Swift Ascent and controlled by Jiang Huanyang acquired nearly 321.9 million shares of the company at HK$0.25 apiece or a total consideration of HK$80.5 million from three shareholders, Brilliant League, Vast Ocean, and Highland Triumph.

The shares represent 53.65% of the company's issued share capital.

The purchasers had no affiliation with Bright Future prior to the acquisition. They are now offering to buy the rest of the company's shares at HK$0.25 each.

The company said it had a total of over 278.1 million shares remaining in issue when excluding Swift Ascent's purchase, and the total consideration to be paid by the offeror would be HK$69.5 million if accepted by shareholders.

The company said it had formed an independent board committee to advise shareholders on the offer.