MingZhu Logistics Inks MOU To Acquire Zhejiang CheYi

(RTTNews) - 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.