HK Stock Market Move | HARMONY AUTO (03836) rised more than 22%, institutions are optimistic about automotive dealers increasing investments overseas. The company has already opened 100 BYD Company Limited stores overseas.

HARMONY AUTO (03836) rose more than 22% in the afternoon, closing at a 22.09% increase to 2.1 Hong Kong dollars, with a turnover of 17.036 million Hong Kong dollars. On the news front, HARMONY AUTO previously announced its intention to sell 45% of the company's restructuring capital to its controlling shareholder Feng Changge. The company plans to sell its main overseas new energy vehicle distribution business. Guotai Haitong believes that domestic new energy vehicles have previously relied on cost and product advantages to continue to grow rapidly overseas. The increased operations of domestic dealers overseas are expected to promote the formation of a closed-loop industrial chain for Chinese new energy vehicles overseas, and to enhance the bargaining power of Chinese new energy vehicles in the long term. It is worth noting that on July 12th, Wang Chuanfu, Chairman of BYD Company Limited, opened the overseas 100th store for Harmony BYD Company Limited - BYD Caroline Springs, and issued a license. HARMONY AUTO has accelerated its global expansion strategy since 2023, establishing cooperation with Chinese leading new energy vehicle brands such as BYD Company Limited and Techrules, and establishing a presence in Asia and Europe. In just two years, HARMONY AUTO has opened 100 BYD Company Limited stores.