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Jack Ma's movements send Hong Kong penny stock soaring

Chia Tai up nearly 800% after Ma meets with head of Thailand's CP Group

Jack Ma's movements have drawn intense scrutiny since the Alibaba founder fell out with Chinese authorities. (File photo by AP) 

HONG KONG/BANGKOK -- Since losing favor with Chinese authorities, billionaire Jack Ma's movements have been the subject of such intense scrutiny that even his nighttime excursions in Tokyo have been tracked by the business press. This week, speculation about the Alibaba founder has reached the Hong Kong stock market, sending the shares of one listed biochemical company soaring nearly 800%.

Chia Tai Enterprises International, which is majority-owned by Thai conglomerate Charoen Pokphand Group, traded at HK$6.89 at one point on Wednesday morning, up from just HK$0.79 at the close of trade on Friday. It ended Wednesday at HK$5.10, up nearly 9% for the day.   

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