Another day, another roller-coaster ride for the shares of Bossini International Holdings as investors bet on the company being sold despite negotiations with a mystery buyer being aborted this week. The stock, which dipped in the morning, rallied as much as 10.25 per cent before closing at 40 HK cents, up 2.56 per cent, with 17.72 million shares changing hands. By comparison, the stock's average trading volume in the past three months has been 1.51 million shares. The Hong Kong-based retail chain, best known for its cheap T-shirts and shorts, surged 54.69 per cent in the first two days this week on news that controlling shareholder and chairman Law Ka-sing was selling his stake, which could have triggered a mandatory takeover offer. But Bossini announced on Wednesday night that Mr Law's negotiations with the potential investor had ended, sending the shares down as much as 20.88 per cent before they closed 14.29 per cent lower at 39 HK cents on Thursday. The identity of the potential buyer was not revealed. The fact that the deal fell apart within three days has puzzled analysts, who have drawn the regulators' attention on the case. The stock's good performance yesterday indicated that some investors are betting on an equity sale in the near future, despite the company's statement that Mr Law was not in discussions with any other person regarding a disposal of his shares, market observers said. Shareholder activist David Webb said as Mr Law had shown a willingness to sell, the market was speculating whether a new buyer would come along or if the original bidder might offer enough to reach a deal. 'As for the two announcements ... we should take them at face value - it is better to keep the market informed, even if circumstances change rapidly, than to keep it in the dark. So I see nothing wrong with those,' Mr Webb said. Kenny Tang Sing-hing, head of research at Redford Securities, said it was a strange case leading to opportunistic trading throughout the week. 'Since this is an unusual case in the first place, some investors are speculating it will have an unusual end - to have another takeover soon,' Mr Tang said. He added that yesterday's rise might also have been a technical rebound from Thursday's slump as the valuation of the firm is attractively low at nine times earnings. Wing Fung Financial Group analyst Fiona Wong said generally a listed company would only issue an announcement of a possible change of control after striking a preliminary agreement with a potential buyer. Inquiries to Bossini about its rules for issuing announcements were not returned yesterday. Listed companies do not need to have approval from the stock exchange to issue announcements.