Changes in Hong Kong stocks | GAC Group (02238) resumes trading more than 8% and plans major asset restructuring, FAW shares will become the second largest shareholder

The Zhitong Finance App learned that GAC Group (02238) resumed H-share trading at 9:00 this morning, opening more than 8% higher. As of press release, it rose 8.17% to HK$2.515, with a turnover of HK$17.484,300.

According to the news, on the evening of September 14, the GAC Group issued an announcement stating that the company signed an “Intent Agreement” with FAW Co., Ltd. to purchase part of the shares of an automobile joint venture held by FAW Co., Ltd. by issuing shares and raise supporting capital. According to preliminary estimates, after the transaction is completed, FAW Co., Ltd. will become the company's second-largest and strategically influential shareholder; this transaction is expected to constitute a major asset restructuring and related transaction, not a change in the actual controller of the company, or a restructuring and listing.

Market analysis points out that this cooperation is worth paying attention to. It is the first time that a central enterprise and a local state-owned enterprise have formed such a large capital bond in the automobile industry. As a state-owned enterprise, FAW has a natural advantage over the local state-owned enterprise GAC. The joint venture between the two parties enables GAC to obtain central enterprise-level resource endorsements and policy potential, bringing stronger policy voice and resource integration capabilities. This is particularly critical in the current trend of industrial integration.