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Cash-rich Hong Kong developer CMB surges after hedge fund challenge over undervalued stock

2017-01-26 scmp
Shares of China Motor Bus, a Hong Kong property developer, have surged more than 15 per cent in the past two days to a record high after an activist fund manager urged the company’s controlling shareholder to buy back shares and pay more dividends to investors, claiming that the stock has been undervalued for years due to “poor effort” by the management.