Millennium Group International Holdings (NASDAQ: MGIH) stock shot up on Monday following the disclosure of a stake held by YC 1926 (BVI) Limited.
In a recent filing with the Securities and Exchange Commission (SEC), the company disclosed that YC 1926 (BVI) Limited obtained an 88.89% ownership stake in Millennium Group. YC 1926 (BVI) Limited now owns a significant portion of the company’s outstanding shares, holding 10 million out of 11.25 million.
Millennium Group, a prominent player in the paper-based packaging solutions industry, operates as a subsidiary under YC 1926 (BVI) Limited. Established in 1978, a Hong Kong-based company has a wide-reaching presence across mainland China, Hong Kong, Southeast Asia, Australia, the United States, and other regions.
Furthermore, Millennium Group made headlines in April 2023 when it conducted its initial public offering (IPO), selling 1.25 million shares at $4 each. This move marked a significant milestone in the company’s trajectory toward expansion and market presence.
In recognition of its excellence, Millennium Group was honored with the prestigious title of Best Printing and Packaging Manufacturer of the Year at the Hong Kong Commercial Times Business Awards 2023 in December.
Millennium Group (NASDAQ: MGIH) Stock Price Action
MGIH stock skyrocketed 201.94% to close at $3.11 on Monday. The traders had exchanged hands with 87,117,273 (87.11 million) shares compared to the average daily trading volume of 142.68K.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
