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Futong Technology Says Potential Stake Sale Could Trigger Takeover Offer; Shares Up 9%

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-- Futong Technology Development (HKG:0465) said Chairman Chen Jian is in talks to sell a controlling stake in the company that could trigger a mandatory general offer, according to a Wednesday Hong Kong bourse filing.

Chen signed a memorandum of understanding on April 2 with an independent third-party potential buyer for the sale of 187.4 million shares, representing about 60.21% of the company's issued share capital.

No formal sale and purchase agreement has been signed, and discussions are ongoing.

Shares of the enterprise IT infrastructure product provider were up 9% in Wednesday afternoon trade.

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