CRG shares surge 7.05% after asset-swap deal

Shares in Shanghai-listed China Railway Group Ltd surged 7.05 percent to 11.99 yuan ($1.87) on Monday after the company said it had finalized an asset-swap plan with its subsidiary.

CRG said in a regulatory filing that it will inject part of its industrial manufacturing assets into its 49 percent-owned unit China Railway Erju Co Ltd in return for Erju's existing assets and business.

Shares in both companies were suspended from trading since Sept 14, as the plan involved significant assets. Though CRG resumed trading on Monday, Erju shares are still not being traded.