HK Stock Market Move | Guangzhou Automobile Group (02238) rose over 5% during intraday trading; its flying car unit Gove AirCab's national smart manufacturing headquarters has settled in Taizhou.

Guangzhou Automobile Group (02238) rose over 5% during intraday trading, up 4.32% as of press time at HK$2.535, with a turnover of HK$27.4543 million. On the news front, according to market media reports, Gove AirCab, the flying car unit under Guangzhou Automobile Group, has recently signed an agreement to establish its national smart manufacturing headquarters in Taizhou Bay New Area. The project has a planned land area of 500 mu, with first-phase investment of 1 billion yuan. Construction is scheduled to begin in the fourth quarter of this year. The first phase plans to build a mass production line with an annual capacity of 1,000 AirCab units, along with facilities for key component supporting, test flight testing, and R&D operations. Gove recently completed industrial and commercial registration changes, with new shareholder Chenxi Kaiyuan Yuntu holding approximately 23.08%, becoming the largest single shareholder. The fund is 99% subscribed by Taizhou state-owned enterprise Taizhou Kaifa Capital Operation Co., Ltd. It is reported that Guangdong Gove Technology Co., Ltd. completed over 800 million yuan in financing in the first three quarters of 2026, with funds to be used for aircraft R&D, airworthiness certification, mass production factory construction, and operations system development. After this round of financing, Guangzhou Automobile Group and its affiliated funds remain the largest shareholder of Gove Technology. Gove Technology is a key strategic layout for Guangzhou Automobile Group's entry into the low-altitude economy and serves as the core carrier platform for its low-altitude business.