Beamr video compression achieves up to 50% improvement for AVs
HONG KONG - Reitar Logtech Holdings Limited (NASDAQ:RITR), a $331 million market cap company whose stock has surged 18.57% in the past week, announced Monday the establishment of a new wholly owned subsidiary, Pine Forest Holdings Limited, focused on vertically integrated food supply chain operations.
The subsidiary will integrate approximately 1,333 hectares across eight agricultural bases in mainland China through collaboration with Rich Harvest Agricultural Produce Limited, according to a company press release.
Pine Forest Holdings will consolidate operations within Reitar’s automated cold chain warehouse in Kwai Chung, which spans over 200,000 square feet. The facility will serve as a hub for centralized cold storage and secondary distribution.
The new subsidiary plans to implement blockchain traceability systems, digital payment integration, and intelligent cold chain management using IoT and AI technologies for real-time monitoring.
Reitar previously announced a digital asset reserve strategy of up to $1.5 billion and plans to introduce proprietary RBTC token and RHKD stablecoin, both anchored by Bitcoin, as payment and settlement tools within its ecosystem.
The company intends to expand its model to Southeast Asia markets, focusing on digitalization and modernization of food circulation in the Greater Bay Area.
Reitar Logtech, which went public on NASDAQ in 2024, describes itself as a comprehensive industry solution provider focused on "Property + Logistics Technology" in Asia. InvestingPro analysis reveals 13 additional key insights about RITR’s valuation and growth prospects, with the company currently maintaining a "GOOD" overall financial health score.
In other recent news, Reitar Logtech Holdings Ltd has announced a strategic plan to acquire up to $1.5 billion in Bitcoin to strengthen its treasury reserves and support global expansion. This move, disclosed in a filing with the U.S. Securities and Exchange Commission, aligns with a trend among corporations diversifying their treasury holdings with digital assets. Additionally, Reitar Logtech has signed a Memorandum of Understanding with Rich Harvest Agricultural Produce Limited to develop integrated technology solutions for agricultural supply chains. This collaboration will focus on blockchain traceability technology, digital payment solutions, and smart cold chain technology. Furthermore, Reitar Logtech has entered into a preliminary agreement to acquire JingXing Storage Equipment Engineering, aiming to enhance its capabilities in the smart logistics market. This acquisition is part of Reitar’s strategy to expand its service offerings in the competitive logistics industry. The company’s recent developments reflect its efforts to leverage technological advancements and diversify its operational strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.