BAIC Motor (01958) rose more than 6% in early trading, rising nearly 20% during the month. As of press release, it rose 5.28% to HK$2.79, with a turnover of HK$101 million.
The Zhitong Finance App learned that BAIC Motor (01958) rose more than 6% in early trading, rising nearly 20% during the month. As of press release, it rose 5.28% to HK$2.79, with a turnover of HK$101 million.
According to the news, BAIC Motor announced that it has signed a escrow agreement with the holding stock Dongbei Automobile Group, and the BAIC Group will fully trust all of BAIC Blue Valley's A shares (accounting for about 22.9% of its total A shares) to the company for exercise. After completion, the Group will be able to jointly exercise the voting rights for the total number of BAIC Blue Valley A shares and will become a subsidiary of the company. The Group's product brand, model lineup, and production and sales scale will be further expanded and strengthened.
It is worth noting that a recent exchange report on BAIC Blue Valley was revealed, including that the first “Enjoy” model, a collaboration between BAIC Blue Valley and Huawei, will soon be unveiled at the Beijing Auto Show and released in June. Some industry insiders close to BAIC Blue Valley responded to the Financial Federation reporter that apart from the content on production capacity and sales volume, the rest of the information is basically accurate. Furthermore, BAIC Blue Valley is joining hands with Ningde Era and Xiaomi Motors to build a joint venture factory.