(Yicai Global) June 27 -- Shares of the operator of Yiwu International Trade City, the world’s largest commodity wholesale market, surged after the firm said regulators have finally given it the green light to access an internet payment license.

China Commodities City Group's stock price [SHA: 600415] was 4 percent up at 2.38 p.m. after jumping as much as 10 percent to CNY5.74 (90 US cents) earlier, the highest since last June.

The owner of the small commodities market is allowed to purchase 100 percent of Haier Internet Technology's equity for CNY449 million (USD67 million), the Yiwu-based buyer recently said in a statement.

Formed in 1993, China Commodities City runs a massive market in eastern China that sells products such as toys, clothing, hardware, and jewelry. It also has an e-commerce arm called Chinagoods.

The deal has been anticipated for long. The wholesale market operator said last June that it intends to gain control of Haier Internet Technology, resulting in a stock price rally. But the shares have slipped since then as no progress on the deal was made before this.

After the transfer, China Commodities City will indirectly own KJT Payment Services which has an online payment permit, a valuable asset in China. Having the license will open up payment channels for Chinagoods, helping it cut costs and improve clients’ transaction experience, according to the statement.

With the permit, China Commodities City can create a loop of orders, payments, and logistics data, seeking a transition to a digital trading platform, it added.

KJT, a third-party payment provider, gained the license from the central bank in July 2013.

Editor: Emmi Laine, Xiao Yi