HK Stock Market Move | Sinotruk Jinan Truck (03808) rises more than 5%, the controlling shareholder will be changed directly. In November, the company's domestic heavy truck sales performed better than industry average.

Sinotruk Jinan Truck (03808) rose by more than 5%, as of the time of writing, it was up by 4.93%, at 23.4 Hong Kong dollars, with a trading volume of 6.3532 million Hong Kong dollars. On the news front, Sinotruk Jinan Truck announced that the Group's board of directors received a notification from China National Heavy Duty Truck Group Co., Ltd. (Sinotruk Jinan Truck, an indirectly controlling shareholder of the company), stating that on December 20, 2024, Sinotruk Jinan Truck entered into a conditional share transfer agreement with Sinotruk Jinan Truck (British Virgin Islands) Limited (a wholly-owned subsidiary of Sinotruk Jinan Truck and the direct holder of 51% of the company's issued shares), regarding the transfer of 51% of the issued shares of Sinotruk Jinan Truck (British Virgin Islands) to Sinotruk Jinan Truck at no cost. According to the notification, the transfer of the shares is subject to several conditions, including obtaining an exemption from the Securities and Futures Commission of Hong Kong in accordance with the Hong Kong Code on Takeovers and Mergers, exempting Sinotruk Jinan Truck from the mandatory general offer obligation under Rule 26.1 of the Takeovers Code. In addition, recently Sinotruk Jinan Truck released a notice on its investor relations activities, stating that the overall production and sales situation of the company continues to show growth compared to the same period last year. Meanwhile, the company's products are exported with the help of Heavy Truck International Company, accounting for nearly half of the total sales. In the fourth quarter, especially in November, the domestic sales of the company's heavy trucks showed a good growth trend compared to the previous month and outperformed the industry average.