07:07 AM EDT, 05/30/2025 (MT Newswires) -- Tian Ruixiang ( TIRX ) said Friday it plans to acquire Chinese hospital and health insurance risk management platform operator Ucare in a $150 million all-share deal.

The company and its VitaCare unit signed a share exchange agreement with certain shareholders of Ucare and other parties. Under the agreement, the sellers will receive about 101.5 million newly issued class A shares of Tian Ruixiang ( TIRX ) at $1.478 each.

The company said the issued shares will be held in escrow and released based on Ucare achieving a cumulative revenue target of at least 150 million Chinese renminbi ($20.8 million) over the three years following the deal's completion.

Ucare will operate as a wholly owned subsidiary of VitaCare once the deal closes, which is expected by July.

Tian Ruixiang ( TIRX ) shares were up 16% in recent premarket activity.