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Zhida Hong, the CEO of Addentax Group Corp. (NASDAQ:ATXG), recently acquired additional shares in the company, according to a recent SEC filing. On February 6, Hong purchased a total of 232 shares of common stock, with the transaction amounting to approximately $182. The purchase price per share ranged from $0.78 to $0.7994. Following these transactions, Hong’s direct ownership in the company increased to 201,990 shares, representing a significant portion of the company’s $6.23 million market capitalization.The insider purchase comes as ATXG shares have shown strong momentum, gaining over 57% in the past week and 66% over the last six months. The company maintains a healthy liquidity position with a current ratio of 11.54, indicating strong ability to meet short-term obligations. InvestingPro subscribers can access 13 additional key insights about ATXG, including detailed insider trading patterns and valuation metrics.
In other recent news, Addentax Group Corp. has inked a strategic Memorandum of Understanding (MOU) with Shenzhen Yingbin Brand Development Co., Ltd. This partnership is intended to forge a comprehensive ecosystem for brand, product, and marketing supply chain services across China. Both Addentax, recognized for its proficiency in garment manufacturing, logistics, and property management, and Yingbin Brand, a notable player in brand management, intend to utilize their combined strengths to innovate and tap into new opportunities in the branded apparel sector.
The CEOs of both companies, Mr. Hong Zhida of Addentax and Ms. Xu Yan of Yingbin Brand, have expressed optimism for potential growth and exploration of new markets as a result of this collaboration. This MOU represents a long-term commitment to strengthening global customer connections and fostering innovation. This strategic move is expected to enhance Addentax’s competitive edge in the industry and contribute to Yingbin Brand’s expansion and market reach. These are recent developments and interested parties are encouraged to follow the progress of this strategic partnership.
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