HK-listed car dealer China Harmony surges; unit to buy Ferrari, Bentley, Audi outlets

China Harmony Auto Holding

09/01/2020 05:25

** Hong Kong shares of high-end luxury cars distributor China
Harmony New Energy Auto Holding Ltd  3836.HK  surge as much as
8.9% to HK$4.16, their highest level since June 2018
    ** Henan-based co says its unit has agreed to buy three
firms which own the only Ferrari outlet in the Southwestern
province of Yunnan, the only Bentley outlet in the Northern
province of Hebei, and an Audi outlet in Beijing. It has not
disclosed financial details of the deal.  urn:newsml:reuters.com:*:nFWN29D0G5
    ** Acquisitions in line with its development strategies will
strengthen focus on luxury and ultra-luxury brands, co adds
    ** Stock has outperformed the Hang Seng Commerce & Industry
Index sector  .HSNC  by 1.1 percentage points in the past month
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
rises 1.3% on Thursday
    ** The Hang Seng China enterprises index  .HSCE  gains 1.3%,
and the benchmark index  .HSI  climbs 1.1%

 ((Reuters Messaging:
donny.kwok.thomsonreuters.com@reuters.net))