Baogai New Materials (8090.HK) climbed 7.84% in Hong Kong trading to HK$5.50, with the bulk of the gain coming from a sharp five-minute rally during the session. The stock has seen heightened intraday volatility.

Since its listing on July 8, the stock has been affected by persistent share transfer rumors, with daily swings of more than 5% occurring multiple times. The shares have recently been trading in a range of HK$4.50 to HK$5.69.