Changes in Hong Kong stocks | Yasui Foods (02648) rose more than 5% in early trading, net profit increased 20% in the first three quarters and plans to acquire a Singaporean frozen bakery company

The Zhitong Finance App learned that Yasui Foods (02648) rose more than 5% in early trading. As of press release, it rose 5.17% to HK$66.15, with a turnover of HK$23.328 million.

According to the news, Yasui Foods recently announced results. In the first three quarters, it achieved revenue of 13.461 billion yuan, an increase of 18.38% over the previous year; net profit to mother was 1,142 billion yuan, an increase of 20.27% over the previous year. Looking at a single quarter, the company achieved revenue of 4.195 billion yuan in the third quarter, up 11.37% year on year; net profit to mother was 320 million yuan, up 16.93% year on year.

Notably, Yasui recently announced that it plans to acquire approximately 60% of the shares in Singapore International Foodgnography Corporation (IFC) with approximately US$304.74 million in cash. After the transaction is completed, Yasui will take control of IFC. IFC is mainly engaged in R&D, production and sales of frozen cakes, bread and other baked goods. It has a production base and management team in China, and its customer channels cover coffee drinks, modern tea, baking, e-commerce and supermarkets.