Thomas Cook Group Plc shares have gained about 60% in two days following a Turkish peer’s investment in the indebted U.K. tour operator.

The stock, which is expected to be heavily diluted by a rescue plan from China’s Fosun Group, reached a three-week high Thursday as investors continued to digest news that tourism entrepreneur Neset Kockar has taken a 6.7% stake.

The price jump suggests shareholders think the existing stock has some value, but the Fosun deal could essentially wipe that out, according to Shore Capital analyst Greg Johnson, who spoke by phone.

Until the current rally, shares of London-based Thomas Cook were falling even after Fosun’s mid-July announcement that it was in talks to take part in a 750 million-pound ($909 million) financing project. The transaction would give the Chinese investor control through a debt-for-equity swap and creation of new shares.

It remains to be seen whether the purchase by Kockar, the founder of Anex Tour, is just a “straight punt” or shows he wants to take part in the turnaround attempt, Johnson said.

Even after this week’s gain, there’s “not a lot of value there,” considering that Thomas Cook was trading at close to 1 pound a share a year ago and is now down at 7 pence, the analyst said.

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Photo Credit: A Thomas Cook Group Plc travel agency store in Three Bridges, U.K. The company has received a surprise investment. Chris Ratcliffe / Bloomberg