KELFRED (01134) saw a sharp rise of over 48% in early trading today. As of the time of writing, the stock was up 33.33%, trading at HK$0.40, with a turnover of HK$1.3877 million.

Earlier today, KELFRED announced that its major shareholder, Tingfeng Holdings, entered into a sale agreement on July 24 to transfer approximately 148 million shares of the company to an independent third party. This amount represents about 29.59% of the total issued share capital of the company as of the announcement date. The transaction has been completed, and Tingfeng no longer holds any shares in the company.

According to the latest data from the Hong Kong Stock Exchange, Hu Xing purchased 148 million ordinary shares of KELFRED off-market on July 24 at an average price of HK$0.35 per share, with a total value of approximately HK$51.7832 million.

The board of directors stated that it does not expect this share transfer to have any adverse impact on the business operations of the group's existing eyeglass business, which will continue to serve as the group's core business. At the same time, the board will continue to explore potential opportunities to diversify the group's business and income sources.