New | Reorient share price jumps in Hong Kong after investment by Alibaba’s Jack Ma, others

The Hong Kong share price of Reorient Group shot up 172.2 per cent to HK$24.50 by 11.10 am on Monday after the Hong Kong-based investment bank announced details of its new investors who include entrepreneurs like Alibaba founding chairman Jack Ma Yun.

Reorient was the Hong Kong stock that rose the most on Monday morning, when it resumed trading after being suspended on April 21.

The placement price of HK$2 is roughly 12 times cheaper than its share price of HK$24.50.

By 11.10 am on Monday, 29.5 million shares have changed hands in one of the heaviest trading sessions of its history, far above its five-day average of 4.8 million shares and its 90-day average of 1.2 million shares.

Last Friday evening, Reorient announced it had placed 1.94 billion shares for a total of HK$3.89 billion to five subscribers.

The subscriber who will have the biggest shareholding of 56 per cent of Reorient is YHFL Financial Holdings, a Cayman Islands company which is 40 per cent owned by Ma and 60 per cent by David Yu Feng, a founding chief executive of Shanghai Target Media, a Chinese display advertising firm, and a director of Huayi Brothers Media Group, a Chinese film production and record label company.