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GEELY AUTO Jumps Up 3%+ as It Plans to Repurchase Shrs of Up to $2.3B
Recommend 13 Positive 25 Negative 9 |
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GEELY AUTO (00175.HK) plans to repurchase shares at up to $2.3 billion. The stock opened narrowly lower this morning but rebounded subsequently, peaking at $19.74, and last at $19.62, up 3.1%, with a trading volume of 29.062 million shares, involving $567 million. JP Morgan released a report on GEELY AUTO, saying its stock price has escalated by 31% so far this year, broadly in line with the performance of the Chinese automotive sector but behind the 43% increase of the MSCI China Index. The broker believed this buyback plan reflects management's confidence in the company's prospects, including potential upside in profitability and stock price even as automotive demand may slacken or slide in 2026 after subsidy policies expire. The broker maintained an Overweight rating on GEELY AUTO with a target price of $22. AASTOCKS Financial News Website: www.aastocks.com |
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