Why ABVC Biopharma Stock Is Roaring Higher

ABVC BioPharma, Inc. ABVC shares are roaring higher Wednesday after the company announced a partnership with Zhonghui United Technology Group Co., Ltd.

The Details:

ABVC BioPharma has announced a partnership with Zhonghui United Technology Group aimed at advancing the development of a health and wellness base in China, through the planned acquisition of real estate assets valued at $7.4 million.

As part of the partnership, ABVC will transfer common shares to Zhonghui at $20 per share, granting ABVC 20% ownership of Zhonghui's property near Chengdu, China, valued at $37 million. The objective is to create an integrated platform that fosters collaborations between researchers and industry leaders and the promotion of innovation and sustainable development in rural areas around Chengdu.

ABVC shares are moving higher on heavy trading volume. According to data from Benzinga Pro, more than 26.5 million shares have been traded in the session, compared to the stock's 100-day average of only 7,398 shares.

Related News: What's Going On With Nikola Stock Today?

ABVC Price Action: According to Benzinga Pro, ABVC shares are trading 48.4% higher at $5.64 at the time of publication. 

Image: phoenixwil from Pixabay