Beijing Enterprises Group bought 103 million shares in China Gas on Wednesday in a range of 3.99-4.10 Hong Kong dollars (US$0.51-US$0.53), the statement said without elaborating.

Meanwhile, China Gas' founder Liu Ming Hui sold 79.52 million shares in China Gas at HK$4.03 each on Wednesday, a separate disclosure to the Securities and Futures Commission showed.

Mr. Liu couldn't be reached for comment, while Fortune Oil PLC (FTO.LN), a company with ties to Mr. Liu, said Thursday the company has no plan to cut its stake in China Gas in the near term.

China Gas' major shareholders--Fortune Oil, Mr. Liu, Beijing Enterprises Group Co., South Korean energy company SK Group and its gas subsidiary--have all been increasing their stakes in the company since ENN Energy Holdings Ltd. (2688.HK) and state-owned giant China Petroleum & Chemical Corp., or Sinopec, launched a US$2.15 billion, HK$3.50 a share takeover attempt for the company in December.

Gaining a controlling stake in China Gas, which has a market capitalization of HK$17.53 billion (US$2.3 billion), wouldn't come cheap. But the heightened competition for the company highlights the industry's view that China Gas, which has exclusive rights to operate pipelines in 151 cities across China, is a prize worth chasing.

Last week, shareholders of ENN Energy approved ENN's proposal to buy China Gas in a joint offer with Sinopec.