Shares of Dongfeng Group Co., Ltd. (00489.HK) plummeted 5.2% during the Wednesday intraday trading session, as investors reacted to news about potential restructuring plans for Chinese automakers amidst intensifying competition in the industry.
The stock price decline comes after reports emerged that Dongfeng Motor, a subsidiary of Dongfeng Group, saw its shares surge as much as 85.8% on speculation that some state-owned Chinese car companies could be merged to better compete with domestic rivals, particularly in the electric vehicle (EV) segment.
While details about the restructuring plans remain unclear, the news has added uncertainty to Dongfeng Group's outlook, as the company may face significant challenges in navigating the rapidly evolving automotive landscape. Investors appear to be concerned about the potential impact on Dongfeng Group's operations and profitability, leading to the sharp sell-off in the company's shares.
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