Changes in Hong Kong stocks | The top three departments issued guidelines for overseas competition in the automotive industry to avoid frequent sharp price cuts in overseas markets

The Zhitong Finance App learned that auto stocks had the highest decline. As of press release, Ideal Automobile-W (02015) fell 4.93% to HK$44.74; Great Wall Motor (02333) fell 3.45% to HK$7.695; and Xiaopeng Group-W (09868) fell 3.42% to HK$42.92.

According to the news, on September 1, the Ministry of Commerce's official website revealed that the Ministry of Commerce, the Ministry of Industry and Information Technology, and the General Administration of Market Supervision recently formulated and issued the “Guidelines for Overseas Competition and Compliance Construction in the Automobile Industry”, which clearly requires that overseas pricing by car companies should be cost-based and guided by international market supply and demand to avoid frequent and large price fluctuations harming the interests and brand image of overseas consumers.

It is worth noting that on August 27, four departments including the Ministry of Industry and Information Technology, the Ministry of Public Security, the Ministry of Ecology and Environment, and the General Administration of Market Supervision recently jointly issued the “Notice on Launching Special Actions to Improve the Consistency and Quality of Road Motor Vehicle Product Production” to organize and carry out special actions to improve the production consistency and quality of road motor vehicle products for a period of one year. Cui Dongshu, head of the Passenger Federation branch of the China Automobile Dealers Association, predicted that many of the currently modified models are being updated too fast, and that the one-year supervision and inspection will force companies to extend the R&D and verification cycle and further strengthen the bottom line of product safety.