News that Citic Pacific's senior executives - including chairman Larry Yung Chi-kin and managing director Henry Fan Hung-ling - had been bailed out by its mainland parent gave the Citic Pacific share price one of its biggest one-day gains in months. After hitting an intra-day high of $12.85, Citic shares closed at $12.50 yesterday, up 6.84 per cent from Thursday's $11.70 - its lowest level since 1992. The benchmark Hang Seng Index edged up 0.38 per cent yesterday. About 9.04 million Citic shares, worth $111.72 million, changed hands yesterday. A trader at a European house said: 'The rebound reflects investors' confidence in Citic Pacific after its mainland parent came to the rescue of its management. 'That is what red chips are about. People are buying their ties with their mainland parents,' the trader said. Analysts said the latest attempt also underscored the validity of parent China International Trust and Investment Corp's (Citic) support for Citic Pacific despite consistent rumours that relations between the two had turned sour. 'That is a strong vote of confidence in Citic Pacific's depressed share price, which has been under heavy selling pressure over the past year,' the trader said. The parent Citic - one of the mainland's largest investment companies - on Thursday said it would provide 'material assistance' to all Citic Pacific executives that had bought the company's shares in 1996. The executives spent about $10.9 billion - or $33 a share - buying 15.47 per cent of Citic Pacific. A big part of their purchase was financed through bank loans. Analysts believe the assistance - probably in the form of loans - would prevent executives being forced to sell their holdings to cover their bank loans after Citic Pacific's shares lost two-thirds of their value.