Stock Track | GAC Group Plummets 5.09% as Deal with Huawei Fails to Impress Hong Kong Investors

Stock Track12-03

GAC Group, the Chinese automotive company, saw its stock plummet 5.09% on Tuesday's intraday trading session in Hong Kong. This decline came despite the company's recent announcement of a cooperation deal with tech giant Huawei Technologies to develop a premium smart new energy vehicle brand.

According to reports, the deal signed on November 30th aims to leverage GAC Group's automotive expertise and Huawei's prowess in smart connected vehicles and smart manufacturing. The partnership aims to boost collaboration across product development, marketing, and ecosystem services for the new electric vehicle brand.

While the news sent GAC Group's Shanghai-listed shares surging by nearly 10%, Hong Kong investors seemed less impressed, as the company's Hong Kong-listed shares fell by less than 3% in recent trade. This muted reaction suggests that investors in Hong Kong may have concerns about the potential impact of the deal on GAC Group's future performance or may be awaiting further details on the partnership's strategic direction.

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