HK Stock Market Move | MAN WAH HLDGS(01999) closes up more than 4%. The company previously acquired a US home brand and is expected to benefit from the recovery of the North American real estate market.

MAN WAH HLDGS (01999) closed up more than 4%, rising 4.31% to HK$5.08 at the time of writing, with a turnover of HK$49.0869 million. On the news front, in December last year, MAN WAH HLDGS announced the acquisition of GRIC Group for approximately US$58.7 million, which is mainly engaged in the manufacturing and trading of soft furniture in the United States. Yongxing Securities believes that after the transaction, the target group will benefit from the synergies between MAN WAH HLDGS and its furniture retail distribution network with over 1,000 active customers, as well as cost saving opportunities in raw material procurement and manufacturing efficiency improvement. The bank also stated that the interest rate cut may indicate a modest recovery in the US real estate market, and the wealth effect brought by the rise in US stocks is more prominent, which may gradually release demand for real estate. Minhua's acquisition is expected to promote the company's business development in North America with the help of its brand and channels.