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Shares Jump 152%

Shares Jump 152%Shares Jump 152%

Shares of Hong Kong-based investment bank Reorient Group Ltd. jumped a record 152% after a private-equity fund backed by e-commerce billionaire Jack Ma agreed to invest in the company. The stock closed at HK$22.65 in Hong Kong, the highest level since 2007, after its biggest one-day gain, according to Bloomberg data going back to 1990. Jade Passion Ltd., controlled by Yunfeng Financial Holdings Ltd., will buy 1.34 billion new shares in Reorient for HK$2.68 billion ($346 million), or HK$2 each, according to a Reorient statement to the Hong Kong stock exchange on Friday, giving it a 56% stake. It’s seeking exemption from a rule requiring it to make a mandatory buyout offer for Reorient.

Financialtribune.com