Avic shares skyrocket on word of investment by Cheung Kong

Shares of Avic International Holding (HK) (0232.HKG) jumped as much as 43.5% on Tuesday following news that Li Ka-shing-owned conglomerate Cheung Kong Holdings (0001.HKG) had become the aviation outfit’s second-largest shareholder, South China Morning Post reported. As disclosed by a filing with Hong Kong Exchanges and Clearing (0388.HKG), Cheung Kong bought 450 million Avic International shares on December 16 at HK$.0.60 each, equivalent to a 9.74% stake. The aviation company suffered a net loss for the year’s first six months, though revenue did grow 111% year-on-year, primarily generated from knitting and textile business, electronic products and metal materials trading. No revenue or profit from aviation-related operations has been booked yet.