HK Stock Market Move | DONGFENG GROUP (00489) opens nearly 15% higher, controlling shareholder plans restructuring, analysis says it may join hands with Chongqing Changan Automobile.

DONGFENG GROUP (00489) opened nearly 15% higher, as of press time, it is up 14.86%, trading at HK$3.71, with a turnover of HK$102.188 million. On the news front, on February 9, DONGFENG GROUP announced that its controlling shareholder, Dongfeng Company, is planning a restructuring with other state-owned central enterprises. This restructuring may result in a change of the company's controlling shareholder, but will not lead to a change in the actual controller, and will not have a significant impact on the company's normal production and operation activities. It is worth noting that Chongqing Changan Automobile also issued a similar announcement the same day, stating that its indirect controlling shareholder, China Weapon Equipment Group, is planning a restructuring with other state-owned central enterprises. Some believe that Dongfeng Group and Chongqing Changan Automobile may jointly restructure. A spokesperson for Dongfeng Group responded, saying, "Based on the current announcement, we are still in the planning stage."