AsianFin -- Shares of Chinese regional lender Shengjing Bank soared as much as 23% in Hong Kong on Monday, hitting their highest level since October 2024, after the bank’s state-backed shareholder announced plans to increase its offer to take the lender private.

The surge marked the largest single-day intraday gain for Shengjing Bank since December 9, boosting its market capitalization to approximately HK$13.7 billion ($1.8 billion).