Qingling Motors (HKG:1122) signed a repurchase agreement with Chongqing Transportation Equipment Financial Leasing and Zunyi Xingjunling Automobile Sales, covering 51 new energy vehicles, according to a Sept. 19 Hong Kong bourse filing.

Shares of the firm were up nearly 4% in Monday morning trade.

The maximum aggregate repurchase price under the deal is estimated at 9.42 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.