HK Stock Market Move | GRAND BAOXIN (01293) is currently down 4%. The stock had surged 30% in afternoon trading after resuming trading. The controlling shareholder has entered into a cooperation framework agreement with a partner.

GRAND BAOXIN (01293) resumed trading in the afternoon with a high opening, reaching a high of 0.26 Hong Kong dollars, up 30% from the previous trading day's closing price, but subsequently fell back and turned lower. As of the time of writing, it is down 4% at 0.192 Hong Kong dollars, with a trading volume of 298,000 Hong Kong dollars. On the news front, GRAND BAOXIN announced that on January 15 at 9 am, the company was informed by its controlling shareholder China Grand Automotive Services Group that a cooperation framework agreement was signed with Xinjiang Guanghui Industrial Investment, Beijing Meiling Qingyuan Entrepreneurship Investment Management, and Hainan Songbai Canglang Investment Partnership Enterprise. According to the cooperation framework agreement, the partners will assist the controlling shareholder and its subsidiaries in introducing strategic partners for resource sharing, conducting used car business and establishing a nationwide sales network, conducting overseas car business and cooperating with local dealers, and sharing land, property, and other resources to promote business operations. The term of the cooperation framework agreement is one year, with automatic renewal if there are no disputes.