The Hong Kong stock market witnessed the Chia Tai Enterprises International Limited stock price as it rose to nearly 800% with reference to the Chinese business magnate Jack Ma and a Thai ultra-wealthy family.
The share price of Chia Tai Enterprises International Limited (HKG: 3839) rose 772% from HKD 0.79 last Friday to as high as HKD 6.89 per share on Wednesday and ended at HKD 5.10 per share. Stocks closed on Thursday at HKD 3.70 on Thursday, down 27% for the day.
Chia Tai’s stock, majority owned by the Charoen Pokphand Group surged following the Hong Kong Economic Times reported that Jack Ma met Thailand’s richest man and the senior chairman of CP Group Dhanin Chearavanont and his son Suphachai Chearavanont which is the CEO of CP Group, during the Lunar New Year holiday in Hong Kong on February 1.
The meeting, according to a source, was about CP Group’s strategy to expand on their current e-financial service, TrueMoney, in order to obtain licensing for a virtual bank permission.
Ma also made an appearance in Thailand last month at a Michelin-starred restaurant in Bangkok with Soopakij Chearavanont, the chair of CP Group.
Since Ma’s speech criticizing China’s “outdated financial system,” which kept him out of the spotlight, there have been rumors about whether he will pursue his dream of becoming a teacher or make any inroads back into the business world.
Back in 2019, Ma also offered Dhanin the chance to invest, but the chairman claimed not to fully comprehend the business model.
Due to their prior investments in ASCEND MONEY, which is owned by CP Group, and in particular because of their close relationship, Bualuang Securities foresaw the possibility of a successful co-investment between two parties.
Positive sentiment increased the value of CP Group shares on Wednesday; Charoen Pokphand Foods Public Company Limited (SET: CPF) rose 1.27% and closed at THB 23.90 per share. True Corporation Public Company Limited (SET: TRUE) increased 0.82% to THB 4.90 per share, while CPALL Public Company Limited (SET: CPALL) increased 1.13% to close at THB 67.25 per share.
The share price of CP Group traded slightly lower on Thursday with CPF shedded 0.42%, CPALL fell 0.74% while CPALL closed flat.