VST Shares Jump on Deal to Sell Apple IPad in China
Stock Chart for Apple Inc (AAPL)
VST Holdings Ltd. rose the most in more than six months in Hong Kong trading after the company said one of its units was appointed by Apple Inc. to be the main distributor for the iPad tablet computer in China.
VST jumped 8.8 percent to close at HK$2.11, the biggest gain since May 13. The stock climbed as much as 25 percent earlier. ECS Holdings Ltd., VCS’s Singapore-listed unit, began selling iPads in China last month, the parent company said in an e-mailed statement today.
Apple, the world’s most valuable technology company, is signing up partners and opening new stores in China to boost sales of products such as the iPad and the iPhone. Cupertino, California-based Apple offers the iPad at its stores in Beijing and Shanghai, in addition to its website.
ECS has been a distributor of Apple products since 1995, VCS said. ECS shares rose 4.9 percent to 64 Singapore cents, their highest level since April 30.
VST is unaware of reasons for the increase in its shares, it said in separate filing to the Hong Kong stock exchange.
To contact the editor responsible for this story: Hwee Ann Tan at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.