Shares of Chinese automaker GAC Group surged 6.39% on Monday, outperforming the broader Hong Kong market, as the company benefited from a strong rebound in auto sales and production in China in October.
According to data from the China Association of Automobile Manufacturers, auto sales in China rose 7% year-over-year to 3.1 million units last month, while production climbed 3.6% to around 3 million units. The robust figures were driven by pro-growth policy measures implemented by the government.
The upbeat data provided a significant boost to auto stocks in Hong Kong, with GAC Group leading the rally, climbing 5% on the day. Other automakers such as Dongfeng Group, BAIC Motor, and Geely Auto also posted solid gains, reflecting the optimism surrounding the sector's prospects.
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