Li & Fung Ltd. jumped the most in more than five years in Hong Kong trading after saying it will spin off a branded business whose products include Coach Inc. shoes and posting profit that beat analyst estimates.
Li & Fung Ltd. rose the most in almost five months in Hong Kong trading amid speculation traders who had bet on the shares’ decline were buying them back after the company called its 2013 performance “solid.”
Li & Fung Ltd., the world’s biggest supplier of clothes and toys to retailers including Wal-Mart Stores Inc., rose the most in more than a year in Hong Kong trading after first-half profit beat all analysts’ estimates.
Li & Fung Ltd. , the biggest supplier to retailers including Wal-Mart Stores Inc. , is offering about HK$7 billion ($901 million) for a distribution company to gain a network in China. Both companies’ shares rose in Hong Kong.
Li & Fung Ltd. said orders are picking up in the U.S., its biggest market, after the world’s largest supplier of clothes and toys to retailers reported a bigger-than-expected jump in 2011 profit. The stock surged.
Li & Fung Ltd. , the biggest supplier of clothes, toys and furniture to retailers including Wal-Mart Stores Inc. and Marks & Spencer Plc , may buy logistics companies as it seeks to double earnings over three years.