Shares in Hengli Commercial Properties yesterday surged nearly fivefold after the company became a back-door listing for Dalian Wanda Commercial Properties, one of the largest developers controlled by the nation’s third-richest man, Wang Jianlin.

The reverse takeover triggered a buying spree among retail investors and small-cap fund managers, pushing the stock up 465 per cent to finish at a record high HK$ 1.95.