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A Hong Kong-listed maker of silicon and rubber keypads surged the most on record after saying it won an order to make masks for Beijing.

Ta Yang Group Holdings Ltd. soared as much as 129% Friday to HK$0.63, the highest since November 2018, and was up 24% at close. About 72 million shares changed hands, 317 times Ta Yang’s three-month daily average.

Ta Yang Group jumped on Friday in Hong Kong
Ta Yang Group jumped on Friday in Hong Kong

The company said in an exchange filing late Thursday that it received an order from the State-owned Assets Supervision and Administration Commission to make 5 million face masks. Ta Yang, which was not a mask maker before the deadly coronavirus outbreak, added it would be collaborating with a technology firm in Shenzhen to produce the masks and is seeking more orders while exploring the market for personal protective equipment.

Face Mask Supplies Run Out Across Asia Because of Virus Panic

Ta Yang, which generates most of its revenue from silicone rubber products and has posted annual losses from 2012 through 2018, is the latest stock in Hong Kong this week to benefit from the global shortage of masks due to the coronavirus.

Moody Technology Holdings Ltd. surged 220% on Tuesday after saying it would make masks. Ladies’ apparel producer Veeko International Holdings Ltd. and toymaker Kin Yat Holdings Ltd. jumped 79% and 18%, respectively, on Thursday after saying they would transform their facilities to make masks.

Hong Kong Television Network Ltd., which operates an online shopping mall that sells masks, has surged 41% this year.

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