Shares of Paramount Publishing Group soared 76.22 per cent this week despite mixed signals from controlling shareholder Next Media International Holdings about an asset injection.
Paramount closed yesterday at $2.15, up 4.87 per cent, buoyed by a company announcement it was in talks with Next about injecting into it Appledaily.com, the Web site of Chinese-language newspaper Apple Daily.
The announcement followed a Paramount statement on Wednesday that merchant banks had proposed to Next various business arrangements that would involve an injection of Appledaily.com into Paramount.
In September, Next won control of Paramount in a reverse takeover.
Next, controlled by Jimmy Lai Chee-ying, sold its magazine and Web-site operations to Paramount in exchange for new shares in the company.
The operations included Next, Easy Finder, Job Finder and Sudden Weekly magazines and their Web sites as well as an archive of news photographs.