Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Greenpro Capital (NASDAQ: GRNQ) are rallying premarket after announcing that its incubator company, Angkasa-X has signed a Memorandum of Understanding (MOU) with Silkwave Holdings.
The two companies will form a joint-venture strategic partnership to develop and operate the world's first GEO-LEO integrated satellite network and services platform.
The platform will provide integrated satellite services for the ASEAN region. It will help the region address internet connectivity, multimedia infotainment, vehicle-connected services, precision tracking and navigation, and environmental monitoring and surveillance.
“The Partnership is set to establish a Space Technology Ecosystem in Penang, Malaysia and to nurture the state into a supply chain and distribution hub for global satellite technologies for the ASEAN market,” the company said in a statement.
In addition, the companies are aiming to create an ASEAN-Greater Bay Area Space-Satellite Industry Alliance.
Greenpro holds 28 million shares in Angkasa-X and is planning to list the company via an IPO on a U.S. exchange by the end of 2021.
The Hong Kong-based company's share price has skyrocketed 105% premarket to $1.34, trading at a level not seen since early July.
One of the most frequently asked questions we receive is, “what stocks are best to buy right now?” It's a wide-ranging question, but one that we have answered… Our AskTraders stock analysts regularly review the market and compile a list of which companies you should be adding to your portfolio, including short and longer-term positions. Here are the best stocks to buy right now
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .