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Youxin Technology Ltd (NASDAQ:YAAS) shares surged 59.04% during after-hours trading, reaching $0.12. This came after a 10.75% drop in regular trading earlier in the day on Tuesday. The sharp recovery happened after the company revealed plans to acquire a business in China's enterprise customer relationship management sector.
Check out the current price of YAAS stock here.
The Guangzhou-based SaaS provider has finalized a deal to purchase 51% of Celnet Technology Co., Ltd., a company that integrates CRM solutions, for RMB 5,236,680 (around $736,461) in cash, along with additional equity rewards tied to performance.
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Celnet is the biggest Salesforce.com (NYSE:CRM) partner in China and focuses on AI-powered customer relationship management services.
The acquisition aims to create quick synergies between Youxin’s SaaS platforms, which focus on retail, and Celnet’s expertise in enterprise customer relationship management. Celnet has successfully completed over 580 projects for more than 350 enterprise clients, including names like Ayrton SAS and Ant International. Additionally, 90% of Celnet's team holds Salesforce certifications.
Shaozhang Lin, CEO of Youxin Technology, stated that the acquisition “strengthens our competitive moat” and positions Youxin as a “leading player in China’s digital transformation ecosystem.”
With a 52-week range between $0.060 and $7.00, YAAS is currently trading near its 52-week low. The company has a market capitalization of $4.55 million, and the average trading volume is 40.52 million shares.
Over the past year, Youxin has dropped by 97.83%. According to Benzinga Pro data, it closed yesterday at $0.075, reflecting a loss of about 98.67% from its peak price of $5.58 on June 24.
Benzinga Edge Stock Rankings indicate that YAAS has a negative price trend across all time frames. Track the performance of other players in this segment.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
