Shares of Hoku Scientific Inc. soared to their biggest percentage gain in 22 months as investors reacted to news of an agreement to sell a 60 percent interest in Hoku to Chengdu, China-based Tianwei New Energy Holdings Co.

The shares traded as high as $4.33 on the Nasdaq Stock Market and closed at $2.96, a 38 percent jump from a day earlier.
The Tianwei transaction is expected to close in coming weeks and includes $50 million of financing that will help Hoku complete a polysilicon materials plant its building in Idaho. The company also expects to gain greater access to markets in China with the new ownership.