Shares in publisher Sing Tao and associate Culturecom surged yesterday despite earlier denials the latter had been sold.
The rise centred on Culturecom, which rose 22.38 per cent to 41 cents. Sing Tao climbed 8.14 per cent to $3.65.
Brokers said rumours that Sing Tao wanted to sell its 43 per cent owned Culturecom had pushed Culturecom shares to a series of record highs since late last week.
Sing Tao, which owns the Chinese-language newspaper Sing Tao Daily, denied on Monday that there would be a deal, while Culturecom yesterday said it was not aware of any reason for the increase in its share price.