HK Stock Market Move | Guangzhou Automobile Group (02238) rises over 5%; FAW plans to become GAC's second-largest shareholder; Qijing GX7 scheduled for release on September 23.

Guangzhou Automobile Group (02238) rose over 5%, up 5.05% as of press time, at HK$2.39, with a turnover of HK$61.6121 million. On the news front, on September 14, Guangzhou Automobile Group announced that, in order to promote the optimization and integration of industrial resources between local state-owned enterprises and central state-owned enterprises and improve the operating efficiency of the listed company, the company signed a Letter of Intent with China FAW Corporation Limited, planning to acquire, by way of issuing shares, part of the equity of a certain vehicle joint venture held by FAW Corporation, and to raise supporting funds. According to preliminary estimates, after the completion of this transaction, FAW Corporation will become the company's second-largest shareholder with strategic influence. It is worth mentioning that Qijing Auto announced today that the launch event for the Qijing GX7, a wide-body five-seat intelligent versatile SUV, has been officially scheduled for September 23. The official poster mentioned that the brand is a high-end intelligent vehicle brand created by GAC in partnership with Huawei Qiankun. It is worth mentioning that the Qijing GX7 previously received more than 20,000 orders within 18 hours of presale. In the RMB 300,000-class new energy SUV market, this speed is rarely seen.