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Friday, February 14, 2020, 17:48
HK penny stock gains 129% after saying it will make masks
By Bloomberg
Friday, February 14, 2020, 17:48 By Bloomberg

A passenger wearing a protective mask rides a tram in Hong Kong, China, on Feb 12, 2020. (JUSTTIN CHIN / BLOOMBERG)

A Hong Kong-listed maker of silicon and rubber keypads surged the most on record after saying it won an order to make masks for Beijing.

The company said in an exchange filing late Thursday that it received an order from the State-owned Assets Supervision and Administration Commission to make 5 million face masks

Ta Yang Group Holdings Ltd. soared as much as 129% Friday to HK$0.63, the highest since November 2018, and was up 24% at close. About 72 million shares changed hands, 317 times Ta Yang’s three-month daily average.

READ MORE: Production of face masks speeding up

The company said in an exchange filing late Thursday that it received an order from the State-owned Assets Supervision and Administration Commission to make 5 million face masks. Ta Yang, which was not a mask maker before the deadly coronavirus outbreak, added it would be collaborating with a technology firm in Shenzhen to produce the masks and is seeking more orders while exploring the market for personal protective equipment.

Ta Yang, which generates most of its revenue from silicone rubber products and has posted annual losses from 2012 through 2018, is the latest stock in Hong Kong this week to benefit from the global shortage of masks due to the coronavirus.

ALSO READ: Shenhua's goalkeeper donates 10k masks for hometown Wuhan

Moody Technology Holdings Ltd. surged 220% on Tuesday after saying it would make masks. Ladies’ apparel producer Veeko International Holdings Ltd. and toymaker Kin Yat Holdings Ltd. jumped 79% and 18%, respectively, on Thursday after saying they would transform their facilities to make masks.

Hong Kong Television Network Ltd., which operates an online shopping mall that sells masks, has surged 42% this year.

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