Nucor earnings beat by $0.08, revenue fell short of estimates
Zhida Hong, CEO of Addentax Group Corp. (NASDAQ:ATXG), recently acquired additional shares of the company, according to a filing with the Securities and Exchange Commission. The micro-cap company, currently valued at $6.59 million, has shown strong momentum with a 77.9% gain year-to-date, according to InvestingPro data. On February 10 and 11, Hong purchased a total of 6,000 shares of common stock, with transaction prices ranging from $1.04 to $1.1286 per share. The total value of these purchases amounts to $6,516. Following these transactions, Hong’s direct ownership in the company increased to 218,890 shares. Trading at 0.27 times book value, InvestingPro analysis indicates the stock is currently undervalued, with 13 additional real-time insights available to subscribers.
In other recent news, Addentax Group Corp. has signed a Memorandum of Understanding (MOU) with Shenzhen Yingbin Brand Development Co., Ltd. for a strategic partnership across China. The two companies aim to build a comprehensive ecosystem for brand, product, and marketing supply chain services nationwide. Addentax’s extensive distribution network and Yingbin Brand’s expertise in brand management are expected to be leveraged in this collaboration.
CEOs of both companies, Mr. Hong Zhida of Addentax and Ms. Xu Yan of Yingbin Brand, have expressed optimism about potential growth and new market exploration resulting from this partnership. The MOU represents a commitment to long-term collaboration, aimed at strengthening global customer connections and fostering innovation.
This strategic move is seen as an important step for Addentax in expanding its service offerings and enhancing its competitive edge. It’s also anticipated to contribute to Yingbin Brand’s market expansion and reach. However, it’s worth noting that forward-looking statements involve risks and uncertainties, with future events and financial trends subject to change. These are the recent developments in the ongoing story of the Addentax and Yingbin Brand partnership.
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