Winsway Coking Coal Holding Ltd. (1733), which process and transports coal to China from Mongolia, rose by the most on record in Hong Kong today with trading volumes almost triple the daily average.
Shares gained as much as 22 percent to HK$1.57 for their biggest gain since the company listed in October 2010. They were HK$1.56 at 11:49 a.m. local time. There were block trades of between 500,000 and 992,000 shares completed today, according to data compiled by Bloomberg. There have been 33.6 million shares sold today, compared with the daily average of 11.4 million in the past year.
A company official who refused to be identified declined to comment when asked about the share movement today.
Winsway last October agreed to buy Calgary-based Grande Cache Coal Corp. jointly with Japanese trading house Marubeni Corp. for about C$1 billion ($1.02 billion). In February, Executive Director Paul Struijk said the company was seeking mines in Australia, Canada and Russia to add production.
Aluminum Corp. of China Ltd. in April agreed to buy 29.9 percent of Winsway for HK$2.39 billion ($308 million).