Chinese auto makers trim gains, dealers jump on hopes of tariff cuts

China Yongda Automobiles Services Holdings

03/12/2018 05:44

** Shares in China's auto parts makers with overseas
operations and automobile dealers rally, while domestic vehicle
makers pare earlier gains as they might face more competition,
after U.S. President Trump says China has agreed to cut tariffs
on U.S.-made autos
    ** Shares of Grand Automotive  600297.SS , one of China's
biggest automobile dealers, shoots up as much as 10 pct
    ** Other auto dealers China Yongda Automobiles Services
 3669.HK , Pangda Automobile Trade  601258.SS  and Sinomach
Automobile  600335.SS  up 7-10 pct 
    ** Shares in Zhejiang Kinfei Kaida Wheel  002863.SZ , ZYNP
 002448.SZ , Zhejiang Shibao  002703.SZ  and Guangdong Dcenti
Auto-Parts  603335.SS , auto parts makers with much exposure to
overseas markets, all up by their 10 pct daily limit 
    ** On the other hand, major domestic carmakers pare gains
after the news, including Geely Automobile  0175.HK , Guangzhou
Automobile  601238.SS   2238.HK  and the Warren Buffett-backed
electric car maker BYD  1211.HK   002594.SZ 
    ** Trump said on Sunday China had agreed to "reduce and
remove" tariffs on U.S. cars below the 40 percent level that
Beijing is currently charging on American-made vehicles
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 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))