Guangzhou Automobile to Relocate to Boost Management Efficiency

MT Newswires Live10-29

Guangzhou Automobile Group (HKG:2238, SHA:601238) will move to a new location within China's Guangdong Province to boost management efficiency, according to a Hong Kong Stock Exchange filing on Oct. 25.

The automobile company will relocate to No. 668 Jinshan Road East, Panyu District on Nov. 2 from No. 23 Xingguo Road, Zhujiang New Town, Tianhe District, the filing said.

Through the relocation, the company will be able to shift the management of its self-developed brands from strategic to operational control, it said.

The company's Hong Kong shares slipped 2% and its Shanghai shares slid 1% in recent trade.

Price (HKD): $2.91, Change: $-0.060, Percent Change: -2.02%

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