GAC Group H-shares resume trading on Sept. 15, surging over 12% in pre-market auction

According to a Hong Kong Stock Exchange announcement by GAC Group, trading in GAC Group’s H shares resumed at 9:00 a.m. on September 15, with related structured products also resuming trading simultaneously. During the pre-market auction session, GAC Group’s H shares rose more than 12%, closing at HK$2.62 per share, giving the company a total market capitalization of HK$51.034 billion. On the evening of September 14, following the suspension of trading in both its A and H shares, GAC Group issued an announcement regarding a major asset restructuring. The announcement stated that GAC Group has signed a Letter of Intent with China FAW Co., Ltd., planning to acquire a portion of the equity held by FAW in a certain vehicle manufacturing joint venture through a share issuance, along with raising accompanying funds. Preliminary estimates indicate that upon completion of the transaction, FAW will become the second-largest shareholder of GAC Group.