The shares of solar company Shunfeng Photovoltaic International Ltd rose by 12.6% on Monday. This rise came after announcing on Friday that it had agreed to buy the troubled unit of panel maker Suntech Power for US$492 million.

According to an October report by Reuters, Shunfeng previously signed a deal to buy Wuxi Suntech Power Co. The latter was forced into bankruptcy by its Chinese creditors in March. It collapsed after it failed to take root in its overseas market. The local court then took over the process.

With this recent purchase, solar power and property mogul Cheng Kin Ming now holds some of China's biggest solar energy companies. Cheng, who conducts real estate business in Hainan and Shanghai, is also the Shunfeng's largest shareholder with nearly 30%. A recent report by Bloomberg said he also owns a 25% stake in LDK Solar, the second-largest wafer manufacturer in China.

This year alone, Shunfeng's shares had jumped more than 20 times already. Its Hong Kong-listed shares were set to open at HKD6.00 per share.