HK Stock Market Move | GEELY AUTO (00175) rose by more than 5% and signed a joint venture agreement with multiple parties to establish an intelligent driving company. In February, new energy vehicle sales increased by about 194% year-on-year.

GEELY AUTO(00175) rose more than 5%, as of press time, it rose by 5.25% to HK$18.46, with a turnover of HK$9.82 billion. On the news front, on March 2, GEELY AUTO announced that it had signed a joint venture framework agreement with several entities to establish a joint venture company engaged in intelligent driving business. According to the agreement, the total capital of the joint venture company is 4.752 billion yuan. The establishment of the joint venture company aims to integrate the advantages of all parties in intelligent driving technology, research and development resources, and funding to improve research and development efficiency and reduce costs. In addition, GEELY AUTO released its February sales report, with a total sales of 204,900 vehicles in February, an increase of about 84% year-on-year. Among them, the sales of new energy vehicles in February were 98,433, an increase of 193.8% year-on-year; the cumulative sales of new energy vehicles in January-February were 220,000, an increase of 121.0% year-on-year. Minsheng Securities pointed out that the company's new energy brand is gaining momentum, efficiency is improving, technology costs are decreasing, and the scale of new energy profits is accelerating.