FINWIRES · TerminalLIVE
FINWIRES

Futong Technology Says Potential Stake Sale Could Trigger Takeover Offer; Shares Up 9%

By

-- Futong Technology Development (HKG:0465) said Chairman Chen Jian is in talks to sell a controlling stake in the company that could trigger a mandatory general offer, according to a Wednesday Hong Kong bourse filing.

Chen signed a memorandum of understanding on April 2 with an independent third-party potential buyer for the sale of 187.4 million shares, representing about 60.21% of the company's issued share capital.

No formal sale and purchase agreement has been signed, and discussions are ongoing.

Shares of the enterprise IT infrastructure product provider were up 9% in Wednesday afternoon trade.

Related Articles

Asia

Market Chatter: Formosa Petrochemical to See Supply Relief as Saudi Crude Tanker Arrives

Formosa Petrochemical (TPE:6505) said a Liberian-flagged supertanker carrying 2 million barrels of Saudi crude is set to arrive at Mailiao Port, offering relief to its strained refinery operations, Taipei Times reported, citing company executive.The cargo is being delivered by the FPMC C Lord, operated by Formosa Plastics Marine.Refinery output had slumped to about 43% last month after Middle East conflict disruptions and Strait of Hormuz delays blocked scheduled shipments. Naphtha cracking utilization also dropped sharply to around 33%, reflecting tight feedstock conditions.With the new inflow and diversified sourcing from regions including the Red Sea and West Africa, the company expects utilization to recover above 60% this month and near 80% next month, though petrochemical margins remain under pressure from weak demand, the news outlet reported.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$TPE:6505
Asia

Flight Centre May Benefit from Travellers Leaning into Better-Known Brands with Stronger Service Models, Jarden Says

Flight Centre Travel Group (ASX:FLT) might benefit as travellers lean into better-known brands with stronger service models in the wake of the Middle East conflict, according to a Tuesday note by Jarden.Its third-quarter total transaction value (TTV) rose 6.8% on the fiscal third quarter ended March 31 to AU$7 billion, or 9.4% in constant currency, with underlying profit before tax (UPBT) up 18.5% to AU$102.6 million.The analysts forecast third-quarter TTV growth of around 3.5%, reflecting weaker demand, offset by strength in corporate and higher fares.Historically, the firm has exited a crisis stronger due to cost control, balance sheet, and scale. It is also gaining trust with customers, benefiting from market consolidation, and leaning into artificial intelligence/data initiatives.The investment firm maintained its overweight rating on Flight Centre Travel and raised the price target to AU$16.80 per share from AU$16.70 per share.

$ASX:FLT
Asia

CCOOP to Sell Shopping Center Via Pubic Auction

CCOOP Group (SHE:000564) plans to sell its wholly-owned subsidiary, Changchun Meilifang Minsheng Shopping Center, via public bidding.The subsidiary incurred a net loss of 73.9 million yuan in 2025, according to a Wednesday filing with the Shanghai bourse.The sale aims to optimize asset allocation and reduce debt burden, allowing the company to focus on core operations.The final price will be determined through bidding on the Shanghai United Assets and Equity Exchange.Shares of the department store operator rose 3% in recent trade.

$SHE:000564