Tian Ruixiang (TIRX) rocketed higher on Wednesday after the U.S. and Chinese insurance broker announced a Memorandum of Understanding (MOU) for a strategic investment from investor SwiftStart. This MOU will see SwiftStart purchase $80 million worth of TIRX stock priced at $1.50 per share, which is a 368.75% premium to the shares’ closing price yesterday.
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According to Tian Ruixiang, the execution of this MOU marks the first steps in a collaboration between it and SwiftStart. The two companies intend to explore further collaboration across multiple areas, including industry digital transformation, intelligent risk management systems, data asset operations, and international business expansion. The goal of this collaboration will be the enhancement of Tian Ruixiang’s overall competitiveness in global capital markets and along the industry value chain.
Tian Ruixiang stated, “This cooperation framework provides additional strategic flexibility as we continue to strengthen our capital base and advance digital transformation initiatives, innovative business expansion, and potential mergers and acquisitions. We remain focused on improving user experience and operational efficiency to further reinforce our core competitive advantages.”
Tian Ruixiang Stock Movement Today
Tian Ruixiang stock was up 117.13% in pre-market trading on Wednesday, following a 27.42% fall yesterday. The shares have decreased 10.83% year-to-date and 96.33% over the past 12 months.
With today’s news came heavy trading of TIRX stock, as more than 94 million shares changed hands, compared to a three-month daily average of about 298,000 units.
Is Tian Ruixiang Stock a Buy, Sell, or Hold?
Turning to Wall Street, there’s a lack of analyst coverage for Tian Ruixiang. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates TIRX stock a Neutral (43) with a $1 price target. It cited “significant profitability challenges” and said “technical indicators suggest bearish momentum.”
