HK's Grand Baoxin Auto sees best day in 6 yrs; Evergrande to become indirect shareholder

Grand Baoxin Auto

24/09/2018 03:11

** Shares of Grand Baoxin Auto Group Ltd  1293.HK  soars as
much as 44.4 pct to HK$3.45, the highest since June 15, as China
property developer Evergrande  3333.HK  set to become second
largest shareholder of its parent Xinjiang Guanghui  
    ** Grand Baoxin stock later trims gain to HK$3.0, still up
25.5 pct and heading for its best day since Aug 2012
    ** China Evergrande says it will buy an aggregate 40.964 pct
of Xinjiang Guanghui for a total 14.49 billion yuan ($2.11
billion) as the developer expands its businesses in vehicle
sales, energy, real estate and logistics  urn:newsml:reuters.com:*:nFWN1W70T0
    ** Evergrande will become the second largest shareholder of
Xinjiang Guanghui after the deal https://bit.ly/2xTs3bB
 
    ** Xinjiang Guanghui owns 32.50 pct China Grand Automotive
Services  600297.SS , which holds 67.71 pct of Grand Baoxin
    ** As of last close, Grand Baoxin stock had fallen 38.87
percent so far this year
    ** Grand Baoxin has outperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 2.6 percentage points in the
past one month
    ** Shares of China Evergrande fall 4.3 pct   
    ** The Hong Kong benchmark index  .HSI  slides 1.3 pct
 ($1 = 6.8559 Chinese yuan)

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