Why Are Jiuzi Holdings Shares Surging Today

Jiuzi Holdings Inc JZXN subsidiary Hangzhou Jiuyao entered into an equity acquisition agreement to acquire 72.05% equity interest in an automobile sales service shop operator, Huizhou Jiwo Automobile sales service Co Ltd. The financial terms were not disclosed.
The equity is acquired from Guangdong Huarui, a subsidiary of China automaker Geely Automobile Holdings Ltd GELYY
Under the agreement, Hangzhou Jiuyao will acquire 72.05% equity interest in Huizhou Jiwo Automobile and will make an investment in the registered capital upon completion of the deal.
Huizhou Jiwo Automobile is the sole authorized dealer for Geometry EVs in Huizhou city, Guangdong province.
Jiuzi held $7.37 million in cash and equivalents as of October 31, 2021.
Price Action: JZXN shares are trading higher by 25.9% at $1.66 on the last check Tuesday.