HK Stock Market Move | New Focus Auto (00360) surged more than 18% as Qingdao Guorui reached a settlement with Shenzhen Business Travel. The controlling shareholder of the company will lift the stock freeze.

NEW FOCUS AUTO (00360) surged more than 18%, reaching a 18.33% increase as of the time of writing, trading at 0.071 Hong Kong dollars with a trading volume of 3.552 million Hong Kong dollars. On the news front, NEW FOCUS AUTO announced that it has received notice from Qingdao Guorui that it has reached a settlement with Shenzhen Business Travel (the plaintiff). Shenzhen Business Travel stated that there is no lending relationship between itself and Shenzhen Daode or Qingdao Guorui, and the court has approved the lifting of the share freeze on Qingdao Guorui held by Shenzhen Daode. According to the shareholding structure, the largest shareholder of NEW FOCUS AUTO is Hong Kong Daode, holding 60.69% of the shares, and Shenzhen Daode holds all the equity of Hong Kong Daode, with Qingdao Guorui as its largest shareholder. According to public reports, on December 21, 2022, NEW FOCUS AUTO announced the completion of the equity transfer, changing its headquarters to Qingdao NEW FOCUS AUTO Holdings Co., Ltd. located in Laixi Economic Development Zone, Qingdao. On August 14 of this year, the announcement by NEW FOCUS AUTO that the 100% equity held by Qingdao Guorui in Shenzhen Daode had been frozen drew widespread attention, indicating that the share freeze will last for three years from July 18, 2024. This arrangement is related to a civil lending dispute litigation brought by Shenzhen Business Travel against Shenzhen Daode and Qingdao Guorui.