Shares of Geely Auto soared 5.21% on Monday, outperforming the broader Hong Kong market, as positive auto sales and production data from China boosted investor sentiment towards the automaker.
According to the China Association of Automobile Manufacturers, auto sales and production in China rose in October thanks to pro-growth policy measures implemented by the government. This robust industry data spurred a rally in auto stocks listed in Hong Kong, with Geely Auto benefiting from the upbeat sentiment.
Geely Auto's strong performance was accompanied by gains in other major Chinese automakers, such as a 16% surge for Dongfeng Group, a 6% increase for BAIC Motor, and a 5% rise for GAC Group. Electric vehicle makers like XPeng, Li Auto, and NIO, however, experienced declines on the day.
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