YY Group Holding Ltd. (YYGH), a Singapore-headquartered, on-demand workforce solutions and integrated facility management company, on Monday announced that it has acquired YY Circle's Hong Kong branch. The financial terms were not disclosed.
Shares of YY Group are surging in pre-market trading.
As part of this plan, Anthony Ip will continue as Country Director and Co-founder. YY Circle Hong Kong will now become a majority-owned part of YY Group. It used to run independently under the YY Circle.
The move is expected to help YY Group grow in the region while keeping local knowledge. The current Country Director will keep a 10 percent ownership stake and continue to lead the business, ensuring smooth operations and strong execution.
According to the statement, YY Group is ready to build a strong presence in Hong Kong's hospitality industry and grow further.
Hong Kong's casual labor market is valued at around $16 billion and has potential growth. A recent report from the Hong Kong Law Reform Commission says there are about 700,000 gig workers in the city, highlighting the strong need for new and flexible staffing solutions.
Friday, YY Group had closed 19.4976% higher at $0.9800 on the Nasdaq.
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