Hong Kong Stock Movement | XIANGXING INT (01732) Surges Over 22% Again as Westwell Tech Launches Partial Takeover Bid; Company Focuses on Commercial Vehicle Autonomous Driving

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Dec 03

XIANGXING INT (01732) surged over 22% again, rising 18.52% to HKD 0.32 by the time of writing, with a turnover of HKD 5.49 million. The company announced that Westwell Holdings (Hong Kong) Limited plans to acquire 371.2 million shares at HKD 0.21 per share, representing 29% of the issued share capital. The offer price represents a 7.89% discount to the previous closing price of HKD 0.228.

Public information shows that Westwell Technology specializes in autonomous driving for commercial vehicles. Westwell Holdings (Hong Kong) Limited is a subsidiary of Westwell Technology. If the takeover is completed, XIANGXING INT could become the first Hong Kong-listed stock with a commercial vehicle autonomous driving concept.

Additionally, Westwell Technology has reportedly submitted an IPO filing to the Shanghai Securities Regulatory Bureau in April this year, aiming for a listing on the A-share market.

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