HAIKOU, China ( TheStreet) -- Shiner International (BEST) shares rallied sharply higher Monday on heavy volume after the company announced that it had a entered into a contract with the largest meat product manufacturer in China.
Shiner International, which provides food-safe and anti-counterfeiting packaging, said it has entered into a new contract with Shineway Group. Shiner said the contact has the potential of contributing up to 4 million renminbi, or approximately $586,000, monthly to its coated food safe packaging sales.
Shares of Shiner International were jumping by 48 cents, or 34.3%, to $1.88. Earlier in the session, the stock touched an intraday high of $1.98. More than 986,000 shares changed hands in the first 30 minutes of trading Monday, compared to the stock's 50-day average daily volume of 221,000, according to the Nasdaq.
Shiner International has a 12.5 million-share float with a short interest float of only 0.1% as of Sept. 25, according to Yahoo! Finance. More than 48% of the company's shares are held by insiders with another 7% owned by institutions.Read more about today's high-volume stocks in earlier "Pump Up the Volume" posts. -- Written by Robert Holmes in New York.