Shares of the ailing fashion brand shot up as much as 5.2 percent amid rumors that CC Land chairman Cheung Chung-kiu, pictured, joined the rights issue last month. The native of the southwestern mainland city holds SAR residency and has extensive networks in both places.

It is not surprising that Cheung - nicknamed "Li Ka-shing of Chongqing" - should appear in the shareholders' list as he has done business with current Esprit chairman Raymond Or Ching-fai, who is also boss of China Strategic.