By Dean Seal
Shares of FLJ Group surged after the company completed its acquisition of the insurance agency Alpha Mind and terminated its proposed acquisition of another company.
The stock rose 72% to $2.37 in premarket trading. As of Thursday's market close, shares had fallen 99% year-to-date.
The Shanghai-based company, which used to operate an apartment rental platform, said Thursday evening that it has terminated, by mutual consents, its agreement to acquire marketing and promotion services company Lianlian Holdings for 1.8 billion yuan ($246.7 million).
FLJ also said it has completed its deal to buy all outstanding shares of Alpha Mind for $180 million, or the equivalent in Chinese yuan, paid in the form of a promissory note.
Alpha Mind, which operates an insurance agency and insurance technology business in China, is now a wholly owned subsidiary of FLJ.
FLJ said in October that it would sell its subsidiary that operated an apartment rental business.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 29, 2023 07:21 ET (12:21 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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