Qingling Motors (HKG:1122) signed repurchase agreements with a batch of dealers covering 100 new energy vehicles, according to a Monday Hong Kong bourse filing.

Shares of the firm were up over 2% in Tuesday morning trade.

The maximum aggregate repurchase price under the deal is estimated at 18.5 million yuan, to be funded with internal resources, the filing said.

The arrangement is part of Qingling's shift toward a finance lease model to boost sales of its new energy commercial vehicles.