Tianjin municipal government's window company, Tianjin Development Holdings, has reaffirmed its intention to acquire assets in an effort to boost growth.
However, the red chip which listed in December, said no decisions had been made on potential targets.
Tianjin Development, in a statement to the stock exchange, said it was 'seeking suitable investment opportunities . . . The matter is in a preliminary stage which may or may not materialise and the company has not made any decision on the value of such investments'.
This followed speculation the company would reveal details of asset injection plans during a three-day visit to the company by Hong Kong-based fund managers starting tomorrow.
The rumours boosted the company's share prices by 28 per cent since last Thursday. The stock was unchanged at $9.25 yesterday.
At the time of listing, the company promised analysts it would launch asset injection plans worth about $2 billion in the first year of listing, in a bid to develop into a conglomerate on the back of the rapid economic growth of Tianjin city.
