HK Stock Market Move | YONGDA AUTO (03669) rose more than 4%. The company has been focusing on sales of new energy vehicles in recent years. Citibank expects its new car sales in the previous quarter to increase by 30% compared to the previous quarter.

YONGDA AUTO (03669) rose more than 4%, up 4.17% to HK$2.25 as of the time of writing, with a trading volume of HK$46.40 million. On the news front, Yongda Group previously stated that it expects to increase its number of Huawei stores to 15/30 by the end of 2024/first quarter of 2025, providing favorable conditions for revenue and profit growth. Sinolink International pointed out that the Group's focus in recent years has been on developing the core competencies and high awareness of its Xinjiang Lixin Energy brand, successfully attracting brands like Huawei (AITO and Hongmeng Smart Travel), Xiaomi, and Zeekr, including a partnership with Huawei HiSelect in 2021, with a total of 7 AITO (3) and Hongmeng Smart Travel (4) outlets currently in operation. In addition, recent reports from Citigroup suggest that YONGDA AUTO's new car sales in the fourth quarter of last year are expected to grow by 30% quarter-on-quarter. The after-sales service gross profit margin in the second half of last year is estimated to be similar to the first half. The bank predicts that the company's overall used car sales fell by 20% year-on-year last year, mainly due to pressure on new car retail prices. Due to higher than expected sales in December last year, the bank forecasts weak orders in January this year, with new car sales in January expected to decline year-on-year.