Chow Tai Fook Enterprises Ltd.’s $4.5 billion offer to buy NWS Holdings Ltd. only became public early Tuesday, but stock prices were jumping days earlier.

Shares of NWS, the industrial flagship of New World Development Co., surged nearly 8% Friday in Hong Kong before trading got suspended — the reason being a pending release of potential inside information. The broader Hang Seng benchmark fell 1.7% as markets reopened after a holiday.

A total of 12.6 million shares changed hands for NWS, marking its highest daily trading volume in more than two years.

The issue at hand was a HK$35.5 billion ($4.5 billion) deal by Hong Kong’s billionaire Cheng family to take the company private. The offer is HK$9.15 apiece, according to a Tuesday statement to Hong Kong stock exchange, a 14.5% premium over the last closing price.

READ: Tycoon Cheng’s Family to Take NWS Private in $4.5 Billion Deal

New World Development, which currently holds 2.38 billion NWS shares, will receive about HK$21.8 billion from the disposal.

NWS surged as much as 9.8% early Tuesday as trading resumed. A call to the company’s Hong Kong office went unanswered, while an email to Chow Tai Fook’s media relations account wasn’t immediately responded.

A Hong Kong exchange spokesperson said the bourse doesn’t comment on individual companies. The Securities and Futures Commission declined to comment on specific firms.

--With assistance from Kiuyan Wong.