Stock Track | HARMONY AUTO Soars 12.97% on Strategic Partnership with BYD COMPANY

Stock Track

Sep 02

HARMONY AUTO (03836) saw its stock price surge 12.97% in Tuesday's trading session following the announcement of a strategic partnership with BYD COMPANY (01211). The Hong Kong-listed automotive retailer revealed that its subsidiary, iCar Group Limited, will receive a significant investment from a BYD COMPANY subsidiary.

According to the share subscription agreement, Golden Link Worldwide Limited, an indirect wholly-owned subsidiary of BYD COMPANY, will subscribe for 9.9999% of iCar Group's enlarged issued share capital. The subscription amount is set at US$40 million (approximately RMB285 million), highlighting the substantial nature of this investment and strategic alliance.

Investors responded positively to this news, recognizing the potential benefits of the partnership. The collaboration is expected to accelerate BYD COMPANY's overseas market expansion for its new energy vehicle brands, leveraging HARMONY AUTO's strong brand operation capabilities and valuable overseas channels. Additionally, the capital injection will bolster iCar Group's working capital, optimize HARMONY AUTO's capital structure, and potentially enhance its overall competitiveness in the automotive retail sector.

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