China's Wuling Motors hits 6-month high on robust earnings estimates

Wuling Motors Holdings

22/02/2023 02:33

** Shares of Chinese new energy vehicles manufacturer Wuling
Motors Holdings Ltd  0305.HK  jump as much as 18.7% to HK$1.08,
their highest since Aug. 22, 2022 
    ** Stock last up 7.7% at HK$0.98 and on track for biggest
daily pct gain since Feb. 1
    ** Co, which has a current market value of HK$3.23 bln
($411.77 mln), expects to post a net profit of 85 mln yuan for
2022, compared with a 45.86 mln yuan loss in the previous year  
    ** Says gains on disposals of certain assets in relation to
the restructure of its new energy vehicles business and
recognition of certain government subsidies income from the new
energy vehicles business contributed to the profitable results
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops
1.9% and the Hang Seng Composite Index on industrials firms
 .HSCIIG  eases 1%
    ** The Hang Seng Composite Index  .HSCI  falls 1.1% and the 
Hang Seng Index  .HSI  slips 0.9%
    ($1 = 6.8956 yuan)
    ($1 = 7.8441 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))