Chinese State-Owned Carmakers’ Shares Rise After Merger Report
China’s vehicle whole sales in February rose 34% year on year.
Photographer: CFOTO/Future Publishing/Getty Images
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Shares of Chinese state-owned carmakers rose after a report that the government is planning mergers and restructuring in the sector amid challenges for the market.
Hong Kong-listed Dongfeng Motor Group and Guangzhou Auto Group rose by as much as 7.1% and 4.5% respectively. However, some other auto shares dropped, and the benchmark Hang Seng Index fell as much as 1.6%.