China Everbright Technology's share price is expected to drop when it resumes trading today after announcing it was not aware of any negotiations related to the possible injection of the 7.7 per cent Hongkong Telecom stake bought by its parent last Friday. Since the deal, which has led to hopes of an asset injection, investors have pushed its share price up 105 per cent to its $1.89 close on Monday. China Everbright Technology was suspended from trading yesterday after the Securities and Futures Commission asked it to clarify its business plans. Brokers said investors had believed the company would be chosen to receive the Telecom stake. Analysts had described the move as improbable because the stake would dwarf the firm's market capitalisation of $2.06 billion and China Everbright Technology had no realistic way of funding the acquisition. The company said it made an unaudited net profit of $74.5 million in the six months to September last year after making a loss of $97.9 million in the year to March. On Friday, parent firm China Everbright Holdings surprised the market when it bought the stake in the territory's largest telecommunications company from fellow mainland-backed conglomerate Citic Pacific. Both groups are arms of the State Council, although China Everbright's links to the body are more direct. China Everbright's two other Hong Kong-listed units eased yesterday on news of their sister firm's suspension. China Everbright International slipped 8 per cent to $1.84, while China Everbright-IHD Pacific lost 3.23 per cent to $9. One analyst said: 'There'd be a sigh of relief if China Everbright Technology did not buy it.' The firm is virtually an empty shell after it sold off its television and audio-product manufacturing subsidiaries last year.