HUSN - Hudson Capital divests Hong Kong Internet Financial Services for focusing on U.S. operations

Hudson Capital (NASDAQ:HUSN) is rallying 47.2% higher premarket after it announced that it sold its wholly-owned subsidiary, Hong Kong Internet Financial Services (HKIFS) to private investors. As the company decided to divest from any non-core, non-performing businesses, it also believes that the sale will now lead to 100% operations based in North America creating room for long-term growth in target markets. The sale of HKIFS will result in Hudson Capital departing from its legacy PRC financial advisory business. Hudson sees immaterial financial effects from the sale besides minimal legal expenses to assemble and formalize the transaction.

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Hudson Capital divests Hong Kong Internet Financial Services for focusing on U.S. operations