HK-listed Qingling Motors at over 13-year low on weak outlook

Wuling Motors Holdings

01/08/2022 05:29

** Shares of China's Qingling Motors  1122.HK  drop 8.1% to
HK$1.13, lowest since April 2009, and on track for third
straight session of losses 
    ** Stock marks biggest intraday pct drop since June 2020
    ** Qingling expects H1 profit to drop 75%-85% year-on-year
amid decline in production and sales of commercial truck,
increase in prices of chips, batteries and other raw materials
 urn:newsml:reuters.com:*:nFWN2ZA623
    ** Chinese truckmaker says its overall operation, financial
position and cash flow remain solid
    ** Shares of Wuling Motors  0305.HK  fall as much as 6.5% to
HK$1, their lowest since May 17, after the automaker says it
sees its H1 loss to widen to 135 mln yuan ($20.01 mln), from
45.2 mln yuan last year, amid high materials cost such as
batteries  urn:newsml:reuters.com:*:nFWN2ZA627
    ** Wuling says tightening supply of semiconductor, the
COVID-19 pandemic, and an increase in research and development
expenses also hit performance 
    ** Hang Seng Commerce & Industry Index  .HSNC  gains 0.2%,
while Hang Seng Composite Index on industrials  .HSCIIG  falls
0.9% and Hang Seng Index  .HSI  slips 0.3%
    ** As of last close, Qingling stock down 22.2% this year,
while Wuling down 36.3% 

    ($1 = 6.7474 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))