China's BAIC Motor soars on report of Xiaomi tie-up for EVs

Baic Motor

26/08/2022 07:53

** Shares of BAIC Motor Corp  1958.HK  soar as much as 30.5%
to HK$2.65, biggest daily pct gain since debut in December 2014
    ** Stock hit highest since June 30; second biggest pct
gainer in Hang Seng Composite Index  .HSCI  
    ** Smartphone maker Xiaomi Corp  1810.HK  is in talks with
BAIC to collaborate on producing electric vehicles, Bloomberg
News reported on Friday, citing people familiar with the
matter urn:newsml:reuters.com:*:nFWN3012IM
    ** The two giants are exploring different options including
Xiaomi buying a stake in Beijing Hyundai No 2 plant, report said
    ** Shares of Xiaomi rise as much as 3.7% to HK$11.84,
highest since Aug. 17; fifth biggest pct gainer in Hang Seng
Tech Index  .HSTECH  
    ** The Hang Seng Commerce & Industry Index  .HSNC  rises 1%,
the Hang Seng Tech Index  .HSTECH  gains 0.4%
    ** The Hang Seng Composite Index  .HSCI  climbs 0.6% and
Hang Seng Index  .HSI  increases 0.7%
    ** As of last close, shares of Beijing-based BAIC had fallen
39.4% this year, while Xiaomi stock had dropped 39.6% 

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