Qingling Motors (HKG:1122) entered into a repurchase agreement with a car dealer covering 50 new energy vehicles, according to a Tuesday filing with the Hong Kong bourse.

The firm's shares gained over 1% in morning trade Wednesday.

The maximum aggregate repurchase price under the deal is estimated at 5.9 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.