HK Stock Market Move | Guangzhou Automobile Group (02238) rose more than 6% collaborating with JD.com and Contemporary Amperex Technology to release new cars on November 9th.

Guangzhou Automobile Group (02238) surged more than 6%, reaching a 6.67% increase as of the time of this report, at 3.36 Hong Kong dollars, with a trading volume of 80.19 million Hong Kong dollars. On the news front, on October 14th, JD.com announced through Weibo that they will be collaborating with Guangzhou Automobile Group and Contemporary Amperex Technology to launch a new car product. It is reported that an internal test version and a public test drive will be made available at the end of October, with the official launch of the new car scheduled for November 9th. According to reports from the Science and Technology Innovation Board Daily, Guangzhou Automobile Group's investor relations department stated that the new car will feature Contemporary Amperex Technology's chocolate swap battery, and will be sold on JD's platform, although the specific model is not currently being disclosed. Guangzhou Automobile Group mentioned, "JD is not currently involved in the research and development process, and there are no plans to establish a joint venture company at this time. JD is mainly responsible for sales and after-sales services, essentially selling cars on their e-commerce platform just like they sell phones."