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GEELY AUTO Sinks 4%+, Planning to Lead Consortium in Buying Majority Stake in Volocopter
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Chinese car stocks caved under pressure today. GEELY AUTO (00175.HK) opened 2.24% lower, bottoming at $13.28. It last printed at $13.64, down 4.62%, on a volume of 32.6512 million shares, involving $443 million. Geely's parent company, Zhejiang Geely Holding Group, is in advanced talks with German air taxi startup Volocopter with an aim to take over the near-bankrupt Volocopter, Bloomberg, citing sources, reported. It is reported that Geely is considering leading a consortium to acquire a controlling stake in Volocopter and intends to inject around US$95 million in exchange for about 85% of the equity. AAStocks Financial News |
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