Luoyang Glass Shares Rise on Investor Stake Transfer

Luoyang Glass Co. rose the most in more than a year in Hong Kong trading after saying China Building Material Glass Co. will acquire a 51.7 percent stake in the glass firm’s parent company.

The stock jumped 14 percent to HK$2.24 at the 12:30 p.m. break, the biggest gain since Aug. 5 last year. The company’s Shanghai-traded shares rose 5 percent to 7.64 yuan at 11:30 p.m. break.

China Building’s parent, China National Building Material Group Corp., is transferring the stake in China Luoyang Float Glass (Group) Co. to the unit as part of its plan to consolidate its glass businesses and increase competitiveness in the industry, Luoyang Glass said in a statement.

To contact the reporter on this story: Stanley James at sjames8@bloomberg.net

To contact the editor responsible for this story: Dirk Beveridge in Tokyo at Dbeveridge1@bloomberg.net