China's BAIC Motor hits near 4-week peak on solid H1 results

Baic Motor

29/08/2023 04:08

** Shares of BAIC Motor Corp Ltd  1958.HK  jump 16.5% to
HK$2.19, their highest since Aug. 4, and on course for the
second session of gain
    ** Stock is second biggest pct gainer in Hang Seng Composite
Index  .HSCI  
    ** Beijing-based passenger vehicles manufacturer says its H1
net profit up 31.8% YoY at 2.85 bln yuan ($391 mln), with
revenue rising 18.4% YoY to 99.05 bln yuan, aided by increase in
sales volume and change in model portfolio  urn:newsml:reuters.com:*:nFWN3A90AQ
    ** Looking ahead, the company says consumer demand is
insufficient and the industry is facing increased pressure amid
noticeable structural problems, posing challenges to business
operations
    ** Says it will improve system capacity and market share to
maintain stable development
    ** Hang Seng Composite Index  .HSCI  climbs 1.4% and Hang
Seng Index  .HSI  rises 1.6%
    ** As of last close, the stock is down 9.2% this year


($1 = 7.2897 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))