Shares in computer parts maker Great Wall Technology surged by as much as 10.29 per cent yesterday after the company said it would buy 10.27 per cent of monitor maker TPV Technology for HK$1.14 billion. The shares, which were suspended last Friday, rose to as high as HK$3.86 in the morning when trading resumed yesterday, but closed 2.86 per cent lower at HK$3.40. The company said its 47.8 per cent-owned unit, China Great Wall Computer Shenzhen, would buy 200 million TPV shares from BOE Technology, a Shenzhen-listed computer monitor maker controlled by the Beijing government. Great Wall will pay HK$5.70 for each of the TPV shares, a 4.4 per cent premium over the average closing price in the past 10 trading days. The transaction would be funded by internal resources, Great Wall said. After the acquisition, Great Wall would become the second-largest shareholder of TPV. Philips Electronic would remain the largest shareholder. 'TPV has a global sales network and a share of about 28 per cent of the global market for the display products,' Great Wall said. 'The acquisition of shares in TPV would represent an important increase in our resources and production base, enhancing our ability to compete significantly in the industry.' Great Wall reported a net loss of 122 million yuan last year because of restructuring costs, compared with a net profit of 322 million yuan in 2005. Sales grew 33 per cent to 19.9 billion yuan. TPV's profit rose 1.3 per cent to US$152 million last year on a 42 per cent sales increase to US$7.18 billion. Shares in TPV rose 4.69 per cent to close at HK$5.58 yesterday.