Zhitong Financial APP learned that Nanjing Panda shares (00553) rose again at the beginning of trading, up nearly 20 per cent in less than two days, and the share price rose more than 40 per cent in less than two days. As of press time, Nanjing Panda rose 12.44% to HK $4.43, with a turnover of HK $12 million.

According to the latest announcement, Nanjing Panda (00553) signed an equity transfer agreement with the company's major shareholder Panda Group on October 25 to acquire a 30 per cent stake in target company Lejin Panda for 426.3 million yuan in cash. The company will hold an interim shareholders' meeting on December 8 to review the agreements.

According to reports, the target company is mainly engaged in the production and sales of washing machines and their parts, and is the largest overseas production base of LG washing machines. Financial data show that the target company has a revenue of 4.69 billion yuan and a net profit of 130 million yuan in 2020.