BUZZ-Geely Automobile falls on parent's major shake-up of EV brands

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BUZZ-Geely Automobile falls on parent's major shake-up of EV brands

Reuters11-15 12:40

** Shares of Geely Automobile Holdings fall 10.1% to HK$12.50, on course for fifth consecutive session of decline

** Stock on track for the biggest one-day pct drop since Oct. 8

** Geely Holding, parent of Geely Automobile, said on Thursday its premium electric vehicle maker Zeekr plans to take control of Lynk & Co, a sister brand - the first big restructuring move in a planned overhaul

** Zeekr will own 51% of Lynk while Geely Automobile will continue to own the rest, and the move will help avoid product overlap

** U.S.-listed shares of Zeekr dropped 23.7% on Thursday

** Hang Seng Commerce & Industry Index adds 0.5%, Hang Seng Tech Index climbs 0.9% and Hang Seng Index

adds 0.3%

** Stock up 62% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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