Hong Kong snacks vendor Best Mart 360 Holdings’ shares surged 32.2% Thursday on news that its controlling shareholders plan to sell a 49% stake to a mainland Chinese state-owned conglomerate.
Best Mart 360’s controlling shareholders Lin Tsz-fung and Hui Ngai-fan signed a preliminary agreement to sell 490 million shares to China Merchants Hoi Tung Trading, a subsidiary of state-owned conglomerate China Merchants Group Ltd.