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Ford partner Chang'an Automobile suspends trading
CHONGQING Chang'an Automobile Co yesterday suspended trading of its shares in Shenzhen until October 17 pending an 'important announcement.'
The Chinese partner of Ford Motor Co didn't specify the important issue in its statement to the Shenzhen Stock Exchange yesterday.
Chang'an Auto, which has its headquarters in the southwestern Chinese city of Chongqing, is likely to buy back Class-B shares, Caijing Magazine said yesterday, citing officials from securities companies.
State-owned companies have been encouraged to increase their share holding in major listed subsidiaries to help stabilize the flagging stock market. The buy-back could also help listed units to maintain reasonable value amid collapses in global markets dragged down by the financial crisis.
The B shares, open to all investors, have fallen 76 percent this year. Yesterday they rose 3.7 percent to HK$1.68 (22 US cents).
Changan's Class-A shares, restricted to domestic investors and qualified foreign institutional investors, fell 2.1 percent to 3.67 yuan. It has lost 77 percent so far this year.
Chongqing Chang'an operates a passenger car joint venture with Ford Motor Corp as well as Japan's Mazda Motor Corp in China.
It has also rolled out self-developed vehicles such as the Ben Ben compact car to enhance research and development capability before a foray into the global market.
Chang'an's net profits rose 3.68 percent to 450 million yuan (US$66.2 million) for the first half of this year.
Vehicle sales during the same period climbed 10.8 percent to 438,259 units. The rate was slower than the 17 percent growth for the overall market during the first half.
The Chinese partner of Ford Motor Co didn't specify the important issue in its statement to the Shenzhen Stock Exchange yesterday.
Chang'an Auto, which has its headquarters in the southwestern Chinese city of Chongqing, is likely to buy back Class-B shares, Caijing Magazine said yesterday, citing officials from securities companies.
State-owned companies have been encouraged to increase their share holding in major listed subsidiaries to help stabilize the flagging stock market. The buy-back could also help listed units to maintain reasonable value amid collapses in global markets dragged down by the financial crisis.
The B shares, open to all investors, have fallen 76 percent this year. Yesterday they rose 3.7 percent to HK$1.68 (22 US cents).
Changan's Class-A shares, restricted to domestic investors and qualified foreign institutional investors, fell 2.1 percent to 3.67 yuan. It has lost 77 percent so far this year.
Chongqing Chang'an operates a passenger car joint venture with Ford Motor Corp as well as Japan's Mazda Motor Corp in China.
It has also rolled out self-developed vehicles such as the Ben Ben compact car to enhance research and development capability before a foray into the global market.
Chang'an's net profits rose 3.68 percent to 450 million yuan (US$66.2 million) for the first half of this year.
Vehicle sales during the same period climbed 10.8 percent to 438,259 units. The rate was slower than the 17 percent growth for the overall market during the first half.
