Auto dealer China MeiDong jumps most in 9 months on dealership buy

China MeiDong Auto Holdings

14/12/2021 04:13

** Shares of automobile dealer China MeiDong Auto Holdings
Ltd  1268.HK  jump 12.4% to HK$39.85, their biggest intraday
percentage gain since March 17 
    ** Stock hit the highest since Nov 17, on course to snap two
sessions of losses; is second-biggest percentage gainer in the
Hang Seng Composite Index  .HSCI  
    ** Co has agreed to buy StarChase Motorsports - a Porsche
automobile brand dealership in China for 3.7 bln yuan ($581.30
mln) as it strengthens market position in Porsche brand in the
mainland while expands customer coverage  urn:newsml:reuters.com:*:nFWN2SY0Z4
    ** The Guangdong, China-based auto dealer, with current
market value of HK$49.36 bln ($6.33 bln), says the deal will be
funded by internal resources, bank borrowings, debt and equity
fund raising 
    ** Hang Seng consumer goods and services index  .HSCGSI  and
 Hang Seng Composite Index  .HSCI  fall 1.4% each
    ** Hang Seng China Enterprises Index  .HSCE  eases 1.5% and
Hang Seng Index  .HSI  slips 1.3%
    ** Stock up 12.5% this year, as of by last close 

    ($1 = 6.3650 Chinese yuan)
    ($1 = 7.8023 Hong Kong dollars)

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