After rising by a fifth on Thursday, shares in small-cap Chinese electronics supplier AKM Industrial climbed another 27% on Friday at the Hong Kong Stock Exchange following word that the company would sell a 29.9% stake to an Apple supplier from the mainland.
Apple supplier GoerTek, whose billionaire chairman Jiang Bin ranked No. 15 on the 2013 Forbes China Rich List with wealth of $4.8 billion, will buy 290.9 million shares – or a 29.9% stake — at HK$0.513, or about 6.6 U.S. cents, each.
Shenzhen-traded GoerTek supplies acoustic components to Apple, Samsung and Sony, among others. AKM makes flexible packaging substrates used in mobile phones and other devices.
AKM said it also plans to place 132.1 million shares, or a 13.6% stake, to other investors.
GoerTek is already getting a great return on the planned purchase: AKM’s stock closed at HK$0.75 on Friday.
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