Citic Pacific managing director Henry Fan Hung-ling has expressed concern the market is being 'misled' by speculation the company may receive an asset injection or cut-price investments from its mainland parent. Citic Pacific's share price has risen more than 10 per cent over the past three trading days amid a surge of market confidence it will receive a helping hand from China International Trust and Investment Corp (Citic). Yesterday, the firm's shares rose $1.50 to $48.90, taking it to its second consecutive record closing level. 'We have very good relations with Citic Beijing and its subsidiaries - including Citic Shanghai and Citic Tianjin - but the truth of the matter is there have been no direct discussions of asset injections and co-operation,' Mr Fan said. A Citic Shanghai representative reportedly said earlier this week the mainland parent company wanted to give Citic Pacific 'a boost', reinforcing positive sentiment in the stock and helping fuel this week's share-price boom. Mr Fan has expressed concern about any speculation of an asset injection. 'It is misleading the market and that's not good,' he said. He appeared to play down any help Citic Pacific would receive because of its mainland connections. 'I don't think there is much chance of getting assets from head office and Shanghai,' he said. 'We don't expect them to help us out at all.' Mr Fan said the company was independently interested in widening its presence in Shanghai's infrastructure sector, particularly through power projects in the city. The company had been in 'constant contact' with authorities in Shanghai over the possibility of pursuing new power projects in the city. It is understood at least two power plants in Shanghai are seeking investment. Mr Fan said Citic Pacific was also assessing options in the electricity sector in other parts of the mainland - particularly in central China. At this stage, the company was 'not in any position to discuss any deal or any conclusion', he said. Citic Pacific earlier this year signalled its intention to become a more serious operator in the power arena by taking a 20 per cent stake in China Light & Power. The company appears to be on the lookout for acquisitions on the mainland in the infrastructure area following its multi-billion dollar move to sell its remaining 8 per cent stake in Hongkong Telecom. Shanghai is seen as a power base for the company, as Citic Pacific chairman Larry Yung Chi-kin is from the city and is thought to maintain powerful connections there. It is already a strong operator in Shanghai infrastructure, operating bridges, tunnels and a toll road.