Unisplendour stock soars after Legend investments

Shares of Unisplendour Technology Holdings Ltd surged by about 120 percent mid-day before the rise narrowed to about 64 percent on Thursday, after it acquired shares in Legend Holdings and Semiconductor Manufacturing International Corp.

The affiliate of China's largest chipmaker Tsinghua Unigroup closed at HK$4.9 (62 cents) per share. The change came after it spent HK$135 million to buy 4.51 million shares in Legend Holdings from last Tuesday to Friday. That accounts for 5 percent of Legend Holdings' total shares, and make Unisplendour its fifth largest shareholder.

"The move is based on financial considerations," said Zhao Weiguo, chairman of Tsinghua Unigroup. "Legend Holdings is undervalued. "