Baigai New Materials (8090.HK) climbed 4% in Hong Kong trading to 5.600 HKD.
The stock surged on rumors of share transfers. Earlier reports indicated that company shareholders conducted multiple share transfers involving millions of HKD, causing repeated fluctuations in market sentiment. As a recently listed stock with a market cap of approximately 324 million HKD and a small float, the stock is susceptible to sharp moves driven by capital flows and news.