Citigroup: YONGDA AUTO (03669) establishes long-term strategic cooperation with Xiamen Hongxin Electronics Technology Group Inc. View is positive.
The rating agency maintained its "buy" rating on Wingda Auto and continued to give it a target price of 1.65 Hong Kong dollars.
Citi released a research report stating that YONGDA AUTO (03669) has signed a strategic cooperation framework agreement with Xiamen Hongxin Electronics Technology Group Inc. (300657.SZ) to officially enter the field of intelligent vehicles. At the same time, Xiamen Hongxin Electronics Technology Group Inc.'s affiliated companies plan to subscribe for 73.16 million new shares of YONGDA AUTO at HK$0.825 per share, accounting for 3.85% of the expanded share capital, raising a total of HK$60.36 million, intended for the initial deployment of commercialization of intelligent vehicles. The bank holds an overall positive view on this and believes it may bring a second growth engine for YONGDA AUTO. The bank maintains a "buy" rating for YONGDA AUTO and continues to give a target price of HK$1.65.
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