HONG KONG ( TheStreet) -- China Technology Development (CTDC) shares jumped Tuesday on above-average volume after the integrated clean energy company said it will acquire majority interest in on-grid solar power station business.
China Technology Development said on Tuesday it has entered into a stock purchase agreement with China Technology Solar Power Holdings Limited and its direct and indirect shareholders to acquire a 51% equity interest and become the major shareholder of CTSPHL Group.
Shares of China Technology Development were climbing by $1.14, or 31.2%, to $4.80. Earlier in the session, the stock touched an intraday high of $5.09. More than 978,000 shares changed hands by 10:45 a.m. EDT Tuesday, 10 times greater than the stock's 50-day average daily volume of 97,000, according to the Nasdaq.
China Technology Development has a 8.86 million-share float with only 257,000 shares short as of Sept. 25, according to Yahoo! Finance. Only 3.2% of the company's shares are held by insiders with another 1.7% owned by institutions.-- Written by Robert Holmes in New York. Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.