Shares of Chinese automaker GAC Group soared 8.63% on Monday, significantly outperforming the broader Hong Kong market, as the company benefited from a robust rebound in auto sales and production in China in October.
According to data from the China Association of Automobile Manufacturers, auto sales in the world's largest auto market rose 7% year-over-year to 3.1 million units last month, while production climbed 3.6% to around 3 million units. The strong figures were driven by pro-growth policy measures implemented by the Chinese government.
The upbeat auto sector data provided a significant boost to GAC Group and other automakers listed in Hong Kong. Investors are betting on a sustained recovery in the Chinese auto industry, which has been grappling with supply chain disruptions and COVID-related challenges over the past few years.
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