Shares of Sinotrans Ltd. surged on Monday after the logistics company's controlling shareholder announced plans to increase its stake in the firm through a sizable loan.
China National Foreign Trade Transportation Corp., Sinotrans' parent company, applied for a 300 million yuan ($42 million) loan from China Merchants Bank to fund the purchase of additional shares. According to a Shanghai Stock Exchange filing, the parent plans to raise its stake in Sinotrans by around 250 million yuan to 500 million yuan within six months, buying shares at a maximum price of 7.43 yuan each.
The news sent Sinotrans' stock soaring, with shares jumping more than 4% in Hong Kong trading and rising 3% in Shanghai.
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