Bloomberg reported that China Qinfa Group Ltd a Chinese coal company jumped the most in more than two years in Hong Kong trading after agreeing to take control of a company with three coal mines.

China Qinfa climbed as much as 31% the most since July 3 2009 after saying in a November 4 statement it will pay CNY 2.9 billion to increase its stake in Shanxi Huameiao Energy Group Co.

According to the statement the purchase will boost its share in the company to 80% from 32%. Huameiao Energy annual capacity may reach at least 9.3 million tonnes of coal when all three of its mines are in operation.

Mr Yang Tao analyst with KGI Asia Ltd said “China Qinfa coal production may rise significantly next year as it unleashes the productivity from these mines.”

(Sourced from Bloomberg)