China's Zhongsheng Group rises as controlling shareholder buys shares

Zhongsheng group

20/07/2023 04:43

** Shares of Chinese automobiles distributor Zhongsheng
Group Holdings Ltd  0881.HK  rise as much as 5% to HK$28.25, on
course to snap five straight sessions of declines
    ** Stock set for biggest one-day pct rise since July 3, if
gains hold
    ** Liaoning-based co says its controlling shareholder and
chairman, Huang Yi, bought 800,000 shares at HK$26.6295 each in
the open market on July 19 
    ** Co, which has a current market value of HK$66.55 bln 
($8.52 bln), says Huang and president Li Guoqiang intend to
continue to increase their shareholdings when appropriate
    ** The Hang Seng Commerce & Industry Index  .HSNC  and the
Hang Seng Composite Index  .HSCI  both climb 0.3%, while the
Hang Seng Consumption Index  .HSCGSI  and the Hang Seng Index
 .HSI  each adds 0.4%
    ** As of last close, the stock had fallen 33% this year
($1 = 7.8081 Hong Kong dollars)

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