HK Stock Market Move | YADEA (01585) rose by more than 4%, Guangdong Province implemented a policy of "trading in old for new" for electric bicycles to boost consumption and promote industry development.

YADEA (01585) rose more than 4%. As of the time of writing, it rose by 4.71% to HK$12, with a turnover of HK$385.31 million. On the news front, recently, the Guangdong Electric Vehicle Association held a training session on the interpretation of the "old for new" policy for electric bicycles in Guangdong Province, introducing subsidy standards, implementation processes, etc., to help production and sales enterprises in the electric bicycle industry understand the "old for new" policy and related implementation requirements, grasp the operation process of the "old for new" system, actively respond to national policies, boost consumption and promote industry development. The relevant person in charge of the Guangdong Electric Vehicle Association stated that the implementation date of the "old for new" policy for electric bicycles in Guangdong Province is from September 1, 2024 to December 31, 2024. Open Source Securities previously pointed out that they are optimistic about the demand for replacing old vehicles effectively supporting the stability of the industry. According to Deloitte's data forecast, 62.1% of the consumption demand in the electric two-wheeler industry in 2024 comes from replacement demand, and the stock of electric two-wheelers in China reaches 350 million, which can steadily release a considerable scale of demand for replacing old vehicles. On the other hand, technological innovation brings new demand and users to the industry, while also paying attention to the development potential of the B-end market for electric two-wheelers.