Guangzhou Automobile Group Shanghai shares jump 10% on plan to buy FAW Toyota stake
Shanghai shares rose to 5.6 yuan, their highest since June 23. Hong Kong-listed stock gained 5.9% to HK$2.685, the highest since Sept. 15.
6 yuan, their highest level since June 23, after three straight sessions of declines. 685, its highest point since September 15. The company said in a Shanghai Stock Exchange filing on Monday that it plans to buy a 50% stake in FAW Toyota from a unit of state-owned automaker FAW Group through a share issue. The transaction value has not yet been determined, pending completion of audit and asset valuation work.
4% and the Hong Kong-listed stock is down 37%.