HK's Grand Baoxin Auto rises as parent raises stake

Grand Baoxin Auto

05/09/2018 04:08

** Shares of Grand Baoxin Auto Group Ltd  1293.HK  rise as
much as 3.4 pct to HK$2.15, after the motor vehicle distributor
says its controlling shareholder raises stake in the firm 
    ** The stock trims gains to HK$2.14, still up 2.9 pct and
heading for the best day since Aug. 8
    ** Co says controlling shareholder has bought 3.13 million
shares at an average HK$2.14 per share, raising its stake in the
firm to 67.7 pct (https://bit.ly/2CsCR62)
    ** Co says the deal demonstrates shareholder's confidence in
the development, prospects and growth potential of the firm 
    ** As of the previous close, the stock has fallen 46.8
percent so far this year 
    ** Grand Baoxin has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 12.6 percentage points in the
past month
    ** Hong Kong benchmark index  .HSI  falls 1.2 pct

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