Haier-CCT Holdings was the best performer on the Hong Kong stock market yesterday, after Haier Group said it would be applying to inject assets into the shell company.
News that the mainland white-goods giant was making moves on a local back-door listing sent investors charging into Haier-CCT, sending the shares soaring 40.28 per cent to 19.5 HK cents.
'It's an impressive story for those looking for a new buying concept,' Tai Fook Securities research head Marco Mak Tak-kwong said.
'Haier may be injecting the China business into a listed company in Hong Kong and with such a successful enterprise in China, people may be thinking highly of its prospects for the future.'
Haier has emerged in recent years as the mainland's largest home-appliance maker and one of its pre-eminent brands. The company also has a significant overseas presence, with a factory in South Carolina and a sizeable share of the United States' white-goods market.
Its chief executive, Zhang Ruimin, became the first entrepreneur to join the Communist Party, in November last year.
Despite the attractions of owning one of the mainland's largest and most successful companies, analysts remained cautious, advising investors to await further details, including the value of the injected assets.
