Shares of Dongfeng Motor jump on possible change in controlling shareholder structure
HONG KONG, Feb 10 (Reuters) - Shares of Dongfeng Motor (0489.HK), opens new tab soared as much as 85.8% after the Chinese automaker flagged a possible change in the company's controlling shareholder structure amid a restructuring.
The stock jumped to HK$6 shortly after the open.
Dongfeng Motor said on Sunday, opens new tab Dongfeng Motor Corporation is planning a restructuring with another central state-owned enterprise group which may lead to a change in the controlling shareholder structure but would "not result in a change to the actual controller".
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Herald Scotland
an hour ago
- The Herald Scotland
Value of Stormont Executive's office in Beijing questioned
The Executive also has offices in Washington DC and Brussels. It has had a presence in Beijing since 2014, before then-first minister Arlene Foster opened an Executive bureau in December 2016. Executive Office chair Paula Bradshaw (Brian Lawless/PA) Executive Committee chair Paula Bradshaw said she had concerns around its value for money, after the committee heard from the three bureaux during a meeting last month. Executive Office official Brenda Henderson said she appreciated there is frustration around transparency and accounting for what they do. 'One of the things that I want to do is to get that coherency across all three bureaux and with the international relations team in Belfast to make sure that we have a clear narrative, that our communications plans can let you see, and let our ministers see, exactly who we're meeting, what is the outcome of that, what does it mean, the 'so what' question in terms of the Programme For Government,' she told MLAs. 'Work is already under way on that.' Ms Bradshaw followed up by asking at what point would they conclude it is not value for money, and that they could be doing other things with that money. Ms Henderson said there are different ways to measure value for money. 'One of the things that I know that the overseas offices do is that they build relationships, you have to build those relationships before you utilise them, but there are things about companies, investment, increased student places they bring,' she said. 'I think what we need to do is be more absolutely transparent about that and be clear about the metrics, what we can measure and that we stand in front of those.' Permanent Secretary David Malcolm said he can 'see behind the curtain', and knows what the Beijing office is doing, He expressed frustration it was not communicated. He said last month the vice minister for education in China visited Northern Ireland and signed an agreement with the Confucious Institute in Belfast and the Department for the Economy for a £34 million programme over the next 10 years. He also said in Beijing this St Patrick's Day, there were two community organisations led by Chris Hazzard, including young people who had never left Ireland before. 'There is significant work we're doing,' he said. 'We are also talking to the Chinese Consul about a mini conference here later on,' he said. 'The Chinese have agreed to fund three placements in Beijing through the Arts Council to give people the opportunity to break into the Chinese market. There is a tremendous amount we're doing.' He added: 'Not just in Beijing, in Washington, we punch miles above our weight in the representational role we get, and indeed in Brussels.'
Scottish Sun
2 hours ago
- Scottish Sun
‘Radical' new budget ‘supermini' EV rivalling ‘beast' Renault & ‘powerful' Volkswagen is coming to UK in months
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A "RADICAL" new budget "supermini" EV, set to rival Renault's "beast" and Volkswagen's "powerful" models, is arriving in the UK in just months." The Nio Firefly has been confirmed for the European market, with UK sales expected soon. Sign up for Scottish Sun newsletter Sign up 3 The Nio Firefly, a Chinese rival for the Renault 5 Credit: Nio 3 The Chinese EV offers an impressive 260-mile range Credit: Nio 3 The budget electric car is expected to cost around £12,500 Credit: Alamy The Chinese EV offers an impressive 260-mile range and a single rear-mounted 141bhp motor. The budget electric car is expected to cost around £12,500. After launching in China, Nio sold 3,680 Firefly models last month, boosting the brand's overall sales by a whopping 13.1 per cent. Reports suggest that the Firefly will be available in UK showrooms imminently, according to Autocar. Qin Lihong, Nio's president, revealed that it would launch a right-hand-drive variant for the UK by October. The Chinese car brand is rapidly expanding across Europe, aiming to enter 16 new global markets this year. It comes after an ultra-ambitious car maker revealed a new budget EV that some claim could rival Tesla. Little-known Chinese manufacturer Nio is to release a sub-brand called Firefly - which will offer entry-level electric vehicles. Spy shots have revealed the brand testing a small city-style hatchback, which is tipped to be showcased to the world on December 21 for their so-called Nio Day in Guangzhou, China. Known for their advanced technology and innovative features, Nio is a relatively new EV startup - established in 2014 and adopting its current name in 2016. New EV from China that's 'over £5,000 cheaper than Tesla' coming to the UK in weeks Their first mass-produced car was the ES8, an all-electric SUV, which began sales in June 2018. Nio also has a family-oriented brand called Onvo, with Onvo L60 the only model currently available for sale under that name. The new Firefly marque will sit at the bottom of their tier of brands and will focus on small and mid-size EVs. Automotive outlet CarScoops first revealed the motor back in March, and new photos they obtained revealed it will look like a typical hatchback in size with a short front and rear overhang - resembling the five-door Mini Cooper and BYD Dolphin. Photos of the Firefly's interior have also been published by IT Home and CarNewsChina. Judging by these, it appears it will feature a large central infotainment screen along with a digital instrument cluster - all despite its budget-orientated appeal. Little else is known about the new hatchback, and it will initially be launched in China before it comes to Europe - although tariff hikes will likely make it pricier than originally planned. The release of the Firefly could certainly give Tesla something to think about in the future.
Reuters
4 hours ago
- Reuters
India's Vedanta says Trump's tariffs damaging, seeks import curbs
June 4 (Reuters) - Indian metals-to-oil conglomerate Vedanta ( opens new tab said on Wednesday that U.S. President Donald Trump's doubling of aluminium tariffs to 50% poses a threat to the Indian industry already struggling with surging imports. Trump's latest round of tariffs on aluminium and steel, which took effect on Wednesday, have unsettled the global markets. "The 50% tariff announced by Trump is damaging to the Indian aluminium industry, which is already under pressure from surging imports that threaten to create surplus and risk to domestic market access," a Vedanta spokesperson told Reuters. The miner, which is the country's largest aluminium producer, urged the Indian government to implement tariffs to protect against imports. "..There should be duty guard-rails for the aluminium industry as well which has so far invested more than $20 billion to set up the current domestic primary aluminium capacity," the spokesperson said. India's cumulative aluminum exports fell 19% to 2.24 million metric tons in the fiscal year ended March 2025, according to government data. Separately, the country's federal steel minister said earlier this week that the impact of Trump's steel tariffs would be minor on the local industry, as India, the world's second-largest crude steel producer, does not export to the U.S. in significant quantities. In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.
