(Bloomberg) -- Distressed Chinese developer Country Garden Holdings Co. is poised to shed its penny stock status after Beijing signaled more support for troubled builders. 

The stock surged 20% intraday to over HK$1 on Thursday after spending two months below that level. The builder will be included in a draft list of firms eligible for financing support, easing investor concerns over its liquidity woes. 

©2023 Bloomberg L.P.