Xunlei Limited shares surge 10.28% in premarket after subsidiary's successful IPO and acquisition of Shanghai Kuanghui Network Technology.

Xunlei Limited surged 10.28% in premarket trading, following the successful IPO of its subsidiary, Shadowstone Innovation, on the Shanghai Stock Exchange's Sci-Tech Innovation Board. The subsidiary's stock price increased by 274.44% on its first day of trading, with a total market value of 709.77 billion yuan. Additionally, Xunlei Limited announced the completion of its acquisition of Shanghai Kuanghui Network Technology Co., Ltd., the operator of the popular sports website Hupu, for a total cash consideration of 5 billion yuan.