The Zhitong Finance App learned that Aide New Energy (02623) soared by more than 200%. As of press release, it had risen 191.18% to HK$0.99, with a turnover of HK$4.4933 million.

According to the news, Aide New Energy announced that the seller Shandong Xingsheng Mining Co., Ltd. (an indirect wholly-owned subsidiary of the company) and the buyer Shandong Dane Mining Technology Co., Ltd. signed an asset transfer agreement. The seller conditionally agreed to sell and the buyer conditionally agreed to acquire the underlying assets at a cost of RMB 314 million. The net proceeds are approximately RMB 289 million. It is intended to be used to invest in the group's major strategy, the Zhuge Shangyu Titanium-Iron Mine owned by Shandong Xingsheng, to increase the scale of mining and production line construction at the Zhuge Shangyu Mine, and return shareholders with better economic benefits from ferrotitanium production.

“Target assets” refer to assets such as Yangzhuang iron ore mining rights (including beneficiation plants), Qinjiazhuang iron ore prospecting rights, production land (including leased and contracted land), houses, and production facilities (included in the Yangzhuang iron ore and beneficiation plant fixed asset catalogue). According to reports, since production at the Yangzhuang Iron Mine was discontinued in October 2015, during this period, Shandong Xingsheng wanted to maintain the target asset maintenance enterprise and pay related expenses. During this period, there was only revenue from trade and processing production lines, making the mine's operation difficult.