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Zhida Hong, CEO of Addentax Group Corp. (NASDAQ:ATXG), recently made significant purchases of the company's common stock, according to a regulatory filing. The micro-cap company, currently valued at $6.29 million, has seen its stock surge over 61% in the past six months. On February 12 and 13, Hong acquired a total of 27,004 shares, amounting to approximately $29,336. The shares were purchased at prices ranging from $1.05 to $1.0941 per share. Following these transactions, Hong's direct ownership of Addentax Group stock increased to 245,894 shares. Trading at just 0.25 times book value, InvestingPro analysis suggests the stock is currently undervalued, with additional metrics and insights available to subscribers. The company maintains strong liquidity, with current assets significantly exceeding short-term obligations.
In other recent news, Addentax Group Corp. has signed a Memorandum of Understanding (MOU) with Shenzhen Yingbin Brand Development Co., Ltd. The strategic nationwide cooperation in China aims to create a comprehensive ecosystem for brand, product, and marketing supply chain services across the country. This partnership plans to combine Addentax's expertise in garment manufacturing, logistics, and property management with Yingbin Brand's proficiency in brand and product supply chain management, and marketing strategies.
CEOs of both companies, Mr. Hong Zhida of Addentax, and Ms. Xu Yan of Yingbin Brand, have expressed their optimism about this collaboration, which signifies a commitment to long-term cooperation with the intent of strengthening global customer connections and fostering innovation. This move is expected to expand Addentax's service offerings and enhance its competitive edge, while also contributing to Yingbin Brand's market reach.
However, it's important to note that forward-looking statements involve risks and uncertainties. This collaboration between Addentax Group Corp. and Shenzhen Yingbin Brand Development Co., Ltd. is a developing story, with future events and financial trends subject to change.
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