XD Unit to Buy Over 5% Stake in Game Developer MiAO; Shares Surge 23%
MT Newswires Live
Aug 05
XD (HKG:2400) said its wholly owned subsidiary agreed to acquire a 5.3% stake in MiAO (Cayman) Limited for $14 million, according to a Monday filing with the Hong Kong stock exchange.
Shares of XD surged nearly 23% in Tuesday's afternoon trade.
The investment involves subscribing to about 7.09 million Series B1 preferred shares in the game developer.
Shares are priced at $1.98 each, based on an independent valuation referencing peers.
XD will fund the purchase through internal resources, and the deal will not result in MiAO becoming a subsidiary.
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