China Tobacco International Co. had another wild day in Hong Kong trading on Wednesday as investors scrambled to get a piece of the international unit of state monopoly China National Tobacco — the biggest maker of cigarettes in the world. A 44% surge in the morning took the stock’s rally since its initial public offering last month to nearly 500%, before the day’s gains were erased.
Tobacco, like liquor, is a special asset in China, and the connection between the two products is a strong one. They can even be paired as a single word — yanjiu — to generally describe expensive gifts, as high-end cigarettes and alcohol are often given to business partners or government officials during holidays or to seek favors.
Lv Changshun, a fund manager at Beijing Dajun Zhimeng Investment Management Co., says China Tobacco’s rally can be justified. “I think most of the moves now are speculation, but I wouldn’t say they are completely irrational” for a unique listed asset like this, he said.
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