Investors turned their sights on little-known Sun Century Group yesterday after its shares closed up 239.7 per cent.
Shares in the mainland property developer rose to HK$1.97 from Thursday's close of 58 HK cents, after soaring 517.2 per cent to reach a day high of HK$3.58.
Sun Century said it was not aware of any reasons for the stock's rise and added that it was not engaged in any negotiations or agreements relating to intended acquisitions or disclosable transactions.
Headquartered in Shenzhen, the group develops offices, residential units and retail shops. The company is also engaged in the leasing of commercial properties in Guangdong, Anhui and Liaoning provinces.
Yesterday's strong bounce in the share price came after it plunged 33 per cent on September 6 after the group announced a 6-for-1 rights issue to raise at least HK$313 million.
The rights issue followed an announcement on August 30 of a loss of 74.25 million yuan (HK$91.1 million), with turnover plunging to 18.16 million yuan for the six months to June, from 181.45 million yuan in the same period last year.