Great Wall Motor's HK shares rise most in 7 weeks, co says shareholder pledges A-shares

Reuters2021-05-20

** Hong Kong shares of China's Great Wall Motor Co Ltd rise as much as 7.4% to HK$20.35, their highest since May 7

** Stock on course for its biggest percentage gain since April 1, among the 30 most actively traded by turnover

** Co says controlling shareholder Baoding Innovation Great Wall Asset Management Co Ltd has pledged 110 mln A-shares with Bank of Hebei for working capital loan business of Baoding Great Wall Industrial Park Construction Development Group Co Ltd ()

** Hebei, China-based automaker says the pledge risk is within controllable scope and the controlling shareholder has confirmed that there is no liquidation risk to the shares pledged by it

** The Hong Kong Hang Seng Commerce & Industry Index slips 0.6%, and the Hong Kong composite Industry Index tracking industrials falls 1.1%

** Great Wall Motor's Shanghai-listed shares rise as much as 4% to their highest since April 21

** The Hang Seng China enterprises index slides 0.8%, and the benchmark index eases 0.9%

** As of last close, Great Wall Motor's Hong Kong-listed shares had fallen 28.8% this year.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
2