HK-listed Wuling Motors jumps most in 5 weeks on new energy vehicles investment

Wuling Motors Holdings

02/12/2021 05:35

** Shares of Wuling Motors Holdings Ltd  0305.HK  jump 11.3%
to HK$1.97, their biggest daily percentage gain since Oct 26
    ** Stock hits highest since Nov 25; among the 30 most
actively traded by turnover in early afternoon
    ** Chinese automotive group says it has entered letter of
intent with parent Guangxi Automobile Group and subsidiary
Liuzhou Wuling Motors Industrial to integrate, reorganize and
invest in new energy vehicle businesses  urn:newsml:reuters.com:*:nFWN2SL1GI
    ** Company says it will contribute 1 bln yuan ($157 mln) in
cash in the new energy vehicles joint venture; Guangxi
Automobile and Liuzhou Wuling to contribute 1.6 bln yuan and 306
mln yuan, respectively, in non-cash assets
    ** Wuling Motors says deal will benefit company's long-term
development in new energy vehicle business
    ** The Hang Seng Commerce & Industry Index  .HSNC  slides
0.6%, while the Hang Seng Composite Index tracking industrials
 .HSCIIG  climbs 0.2%
    ** The Hang Seng China Enterprises Index  .HSCE  gains 0.5%,
and the benchmark index  .HSI  climbs 0.1%
    ** As of last close, the stock had dropped 21.7% this year


($1 = 6.3694 Chinese yuan renminbi)

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