Tricom Holdings shares rose more than 1,200 per cent yesterday in a frenzy of speculation after Cyberport developer Pacific Century Group said it was making a HK$2.46 billion bid for the company.
The stock closed at HK$1.84, more than 13 times its opening value of 13.6 cents, after peaking in early trade at HK$3.22.
More than 1.12 billion shares in the company were traded, almost double the free float of 579 million shares - indicating that the same pool of shares changed hands several times.
Turnover was HK$1.87 billion, more than double that of market powerhouse HSBC Holdings, and 16 per cent of the stock market total.
A speculative buy on the Cyberport theme had attracted punters to the stock, while its low liquidity exaggerated gains, brokers said.
'A lot of investors bought the stock no matter what the price,' said Delta Asia Securities research manager Ricky Tam Siu-hing.