Shares of Hudson Capital Inc. HUSN, +36.27% rocketed 34.2% in active trading to pace all premarket gainers, after the Texas-based transportation logistics company, with a specialty in U.S.-Mexico-Canada cross-border shipping, announced the sale of its Hong Kong Internet Financial Services subsidiary to private investors. Trading volume ballooned to 4.1 million shares ahead of the open, compared with the full-day average of about 1.5 million shares. The company decided to sell the China-based business so it can focus on its North America business. “As we focus more on our core business as a transportation logistics technology platform company and on improving operations, we decided it would be prudent to divest from any non-core, non-performing businesses,” said Chief Executive Javier Selgas. The stock, which closed at a record low of $1.70 as recently as March 15, has plummeted 68.3% year to date through Thursday, while the iShares MSCI China ETF MCHI, +3.52% has dropped 15.7% and the S&P 500 SPX, +0.34% has slipped 5.0%.
