HARMONY AUTO (03836) surged over 12% in morning trading, rising 12.67% to HK$1.69 with turnover of HK$10.0203 million as of press time.

On the news front, HARMONY AUTO recently announced that BYD Company Limited has strategically invested in HARMONY AUTO's overseas new energy ICAR company, subscribing for approximately 10% of the company's shares with US$40 million, becoming an important strategic shareholder. Upon completion of the transaction, HARMONY AUTO's shareholding in iCar Group will be diluted from 55% to 49.5001%. However, as the company still controls 90.0001% of the voting rights, iCar Group continues to be consolidated as a subsidiary of HARMONY AUTO.

According to public information, since the two parties began strategic cooperation overseas in October 2023, Harmony ICAR company has successfully established and operated over 100 BYD Company Limited outlets across more than 20 countries and regions in Asia-Pacific, Europe, and other areas. This strategic investment marks the partnership's evolution from the business level to a new height of capital synergy.

After the investment completion, BYD Company Limited will empower and support Harmony ICAR to accelerate the overseas development strategy for new energy vehicles. Harmony ICAR will also comprehensively enhance service quality and operational efficiency to better play an important role in BYD Company Limited's global development strategy.