Beijing Enterprises Water Surges on Citigroup Buy Rating
Beijing Enterprises Water Group Ltd. (371), which develops water-treatment systems, rose the most in two months in Hong Kong trading after Citigroup Inc. initiated coverage with a buy rating due to China’s water policies.
The company is a national play on Chinese environmental protection and urbanization policies driven by wastewater treatment volume, price increases and sewage and water demand, Citigroup analysts including Timothy Lam wrote in report.
The stock surged 7.1 percent today to close at HK$2.40, a one-month high, on three times its 3-month average daily volume.
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