Foster Stockbroking says Hong Kong based investment holding company 99 Wuxian is a “buy" and backs a target price of 90¢ a share.

“The market is awaiting an update on the strategic review process which was initiated in September. We believe a lack of update on the progress has been a driver of weakness in the share price. We view the appointment of a tier 1 investment bank or syndicate of banks to run an alternate market listing and capitalize the business to position for growth will be a positive development. We look forward to an update once the strategic review process has been completed which we expect to be at the end of October."