First Tractor (SHA:601038, HKG:0038) said its board on Jan. 15 approved the change in its company type, according to a Thursday filing with the Shanghai bourse.

The proposed change will change the agricultural and power machinery maker's enterprise type to "jointly-stocked company (Hong Kong, Macao and Taiwan investment, listed)" from "jointly-stocked company (Taiwan, Hong Kong, Macao and domestic joint venture, listed)."

Shares of First tractor rose 2% in recent trade.