Dongfeng Group's stock (00489) soared 38.08% in the intraday session on Monday, following news that its subsidiary Dongfeng Motor Corporation is planning a restructuring that may lead to a change in the company's controlling shareholder structure.
According to a Reuters report, Dongfeng Motor revealed on Sunday that it is planning a restructuring with another central state-owned enterprise group. While the restructuring would not result in a change to the actual controller, it may lead to a change in the controlling shareholder structure.
Investors reacted positively to the news, with Dongfeng Group's shares jumping to as high as HK$6 shortly after the market opened. The potential change in controlling shareholder structure raised expectations that the restructuring could bring in new investors or ownership, potentially improving the company's prospects and driving the stock's sharp rally.
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