RTTNews | Jul 6, 2021 04:35PM EDT

16:35 Tuesday, July 6, 2021 (RTTNews.com) - Shares of Chinese logistics and transportation company MingZhu Logistics Holdings Ltd. (YGMZ) jumped over 25% on Tuesday after the bell, driven by the news that company has signed a MOU to acquire major stake in Zhejiang CheYi Network Technology Co., Ltd.

MingZhu Logistics said it has entered into a non-binding memorandum of understanding to acquire controlling equity interest of Zhejiang CheYi Network Technology, an online car-hailing and driver management services company.

MingZhu said the acquisition offers its customers additional platform enhancements, and directly fits with its acquisition strategy, which includes adding financially accretive, best-of-breed companies and products.

The company said the deal to complete requires further due diligence by the parties and negotiation over share exchange and definitive price.

Read the original article on RTTNews ( https://www.rttnews.com/3207265/mingzhu-logistics-inks-mou-to-acquire-zhejiang-cheyi.aspx)

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