Changes in Hong Kong stocks | GAC Group (02238) rose more than 5% in early trading to acquire 50% of FAW Toyota's shares to optimize the efficiency of state-owned capital allocation

The Zhitong Finance App learned that GAC Group (02238) rose more than 5% in early trading. As of press release, it had risen 4.54% to HK$2.63, with a turnover of HK$52.391 million.

According to the news, the GAC Group announced that on September 28, 2026, the company signed a takeover agreement with the seller FAW Co., Ltd. The company conditionally agreed to the acquisition, and the seller conditionally agreed to sell 50% of the seller's shares in the target company FAW Toyota. The Company intends to pay for the proposed acquisition by issuing price shares (i.e. issuing A shares). The price of each consideration share is RMB 5.75. After the proposed acquisition is completed, it is anticipated that the target company will become a significant joint controlling entity of the company. The company holds 50% of its shares, and the target company's financial data will not be incorporated into the Group's comprehensive financial statements.

The proposed deal is a major strategic cooperation between Guangzhou state-owned enterprises and central enterprises in the automotive industry. It is in line with the decisions and arrangements of the Party Central Committee and the State Council to deepen the reform of state-owned state-owned state-owned enterprises, promote the optimization of the layout and structural adjustment of the state-owned economy, and conforms to the relevant policy orientation of the national automobile industry. Through the proposed transaction, the allocation efficiency of state-owned capital in the automobile industry will be further optimized, which is conducive to increasing the concentration of the domestic automobile industry and consolidating the foundation for high-quality development of the automobile industry.