HK-listed Kwoon Chung Bus rises on deal to buy pilotless aerial vehicle
22/07/2024 07:39
** Shares of Kwoon Chung Bus Holdings 0306.HK rise 4.6% to
HK$1.58, on track for the biggest one-day gain since June 20
** Stock hit the highest since July 4
** The Hong Kong-based passenger transportation service
group says its unit KC Smart Mobility plans to buy 30 products -
EH216-S unmanned aerial vehicle system, from EHang Holdings'
EH.O unit EHang Intelligent for 66 mln yuan ($9.07 mln)
** Says the products have obtained the world's first Type
Certificate, Production Certificate and Standard Airworthiness
Certificate for passenger-carrying pilotless eVTOL (electric
vertical take-off and landing) issued by the Civil Aviation
Administration of China
** "It would offer the group the first mover advantage to
introduce the products in the event that the operation of the
eVTOL becomes legalized in Hong Kong," co said, adding it would
grasp business opportunities in low-altitude economic sectors
** Hang Seng Commerce & Industry Index .HSNC rises 1.3%
and Hang Seng Index .HSI adds 0.8%
** Stock of Kwoon Chung, with current market value of $96.4
mln, slipped 4.4% YTD
($1 = 7.2731 Chinese yuan renminbi)
($1 = 7.8084 Hong Kong dollars)
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))