Stock Track | RUIHE DATA Plummets 7.97% Intraday on Unit's Acquisition of Fund Stake from Chairman
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RUIHE DATA (03680) shares plummeted 7.97% during intraday trading on Thursday, reflecting significant negative sentiment among investors.
The sharp decline followed the company's announcement that its wholly owned unit has agreed to acquire approximately 5.6% of the Class A shares in an investment fund from chairman and chief executive Xue Shouguang. The consideration for the acquisition is set at 70% of distributions received from the fund, subject to a cap of $10 million, with payments to be made after the company receives returns from the investment.
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