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BUZZ-HK-listed Wuling Motors jump on JV to produce new-energy vehicle batteries

reuters.com · 11/11/2021 02:31
BUZZ-HK-listed Wuling Motors jump on JV to produce new-energy vehicle batteries

** Shares of Chinese automaker Wuling Motors Holdings Ltd WLMTF jump 11.6% to HK$1.54, their biggest daily percentage gain since Oct 26

** Stock hit its highest level since Nov 1

** The Chinese specialized vehicles maker has entered into a memorandum of understanding with Sunwoda Electronic Co Ltd 300207.SZ for investing and establishing a joint venture to produce power batteries for new-energy vehicles nFWN2S120K

** Says the equally owned venture will develop, manufacture and supply vehicles' power batteries and benefit the firm's long-term development in new-energy vehicle business

** The Hang Seng Commerce & Industry Index .HSNC rises 1%, and the Hang Seng Composite Index, tracking industrials .HSCIIG, jumps 2.3%

** The Hang Seng China Enterprises Index .HSCE surges 1.6% and the benchmark index .HSI climbs 1.2%

** As of last close, stock down 38.9% this year


(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))