HONG KONG, Nov. 21 (Economic Information Daily) -- Toppo CNC (07688) is currently up 6.4%, trading at HK$19.66. The stock has traded about 2.2 million shares, involving HK$427.4 million, with a daily high of HK$20.16 and a low of HK$19.
Toppo CNC announced that yesterday it entered into a non-binding letter of intent with a potential seller, an independent third party, and a company engaged in the research, development, manufacturing, and sales of multi-axis, multi-channel CNC machine tools and direct-drive high-speed five-axis machine tools. The group will conditionally acquire no less than 70% equity interest in the company. If the potential acquisition is implemented, it may constitute a major transaction or a very substantial acquisition.
The group stated that the target company's products are widely used in precision component machining for 3C precision structures, artificial intelligence, liquid cooling plates, optical module structural components, humanoid robot precision joints, and new energy vehicle parts. The group stated it will conduct due diligence and further negotiate to finalize the formal agreement.
Currently, the Hang Seng Index stands at 23,698, down 169 points or 0.7%. Turnover on the main board exceeds HK$132.6 billion. The Hang Seng China Enterprises Index stands at 7,959, down 70 points or 0.9%. The Hang Seng Tech Index stands at 4,006, down 38 points or 1%. (vs)
Toppo CNC announced that yesterday it entered into a non-binding letter of intent with a potential seller, an independent third party, and a company engaged in the research, development, manufacturing, and sales of multi-axis, multi-channel CNC machine tools and direct-drive high-speed five-axis machine tools. The group will conditionally acquire no less than 70% equity interest in the company. If the potential acquisition is implemented, it may constitute a major transaction or a very substantial acquisition.
The group stated that the target company's products are widely used in precision component machining for 3C precision structures, artificial intelligence, liquid cooling plates, optical module structural components, humanoid robot precision joints, and new energy vehicle parts. The group stated it will conduct due diligence and further negotiate to finalize the formal agreement.
Currently, the Hang Seng Index stands at 23,698, down 169 points or 0.7%. Turnover on the main board exceeds HK$132.6 billion. The Hang Seng China Enterprises Index stands at 7,959, down 70 points or 0.9%. The Hang Seng Tech Index stands at 4,006, down 38 points or 1%. (vs)