China Aoyuan Shares Surge Over 100%, Nearly Double After UAE Firm Buys 621.7 Million Shares

Sep 23, 2024, 08:48 AM

Chinese property developer China Aoyuan's shares surged over 100% in Hong Kong on Monday following the announcement that UAE investment firm Multi Gold Group Limited has become its biggest shareholder. Multi Gold Group has joined the Board of Directors and acquired 621.7 million shares, making it the new controlling shareholder. This strategic investment has significantly boosted the market confidence in China Aoyuan, leading to a substantial increase in its stock price, which nearly doubled as of 11.20 a.m.