Shares in Cleantech Solutions International Inc (NASDAQ: CLNT) showed their strength on Tuesday morning markets, amid acquisition talk.
The China-based Cleantech Solutions announced that the Company's board of directors has formed a special committee comprised of three independent directors of the Company, to evaluate and engage in discussions with ECrent Capital Holdings Limited, regarding potential business cooperation between the two companies and a potential acquisition by the Company of ECrent.
Last week, the company announced launched a global bike sharing app service and joined together with local sharing bike operators in Hong Kong.
The system would allow consumers to locate and pay for sharing bikes using a single platform, without having to download separate apps and create separate payment accounts for each individual bike-sharing operator. Using the Company's platform, consumers will be able to locate and rent the closest sharing bike on a cross-city and cross-region basis.
Featuring a single registration, deposit and payment system, bike locking and tracking technology, the Company expects its platform to provide a seamless and compelling user experience.
The global bike sharing market is expected to be worth up to 5.3 billion euros by 2020.
Cleantech Solutions, through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. The Company's latest business initiatives are focused on targeting the technology and sharing economy markets in China.
The stock gained 17 cents, or 4.1%, late morning Tuesday, to $4.29.