Shares of ABVC BioPharma, Inc. (ABVC) surged over 60% on Wednesday morning after the company signed a term sheet to acquire real estate assets for strategic investments.
ABVC is currently trading at $6.23, up $2.43 or 63.92%, on a volume of 20.5 million shares, above the average volume of 7 thousand shares, on the Nasdaq. The stock opened its trading at $4.20 after closing Tuesday's trading at $3.80. The stock has traded between $3.33 and $18.70 in the past 52-week period.
ABVC BioPharma announced that it has signed a term sheet to advance a partnership with Zhonghui United Technology (Zhonghui) Group Co., Ltd. and its affiliated enterprises. The partnership contemplates a planned acquisition of real estate assets via an equity transfer, estimated at $7.4 million, all to advance the development of a large-scale health and wellness base in Chengdu, China.
"We are pleased to have executed the term sheet with Zhonghui, a wholly owned corporation established in 2020 with total assets of $4.4 billion, annual revenue of $4.2 billion, and a net profit of $757 million," said Uttam Patil, Ph.D. CEO of ABVC. "With this initiative, we will work towards developing a large health and wellness base to establish a comprehensive facility that provides a wide range of services. The integrated platform will help facilitate collaboration between industry, academia, and research. We strive for revitalization by promoting innovation, knowledge exchange, and sustainable development in rural areas around Chengdu. Strong partnerships with leading institutions and our expertise in Oncology/Hematology, Neurology, and Ophthalmology enable us to expand globally."
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