Sinotruk raises stake in HK-listed unit

China's biggest heavy-truck maker, announced its parent Sinotruk (BVI) Ltd has purchased 11.882 million, approximately 0.52% of its issued share capital from the open market between Sep. 19 and Sep. 23, according to its filing with the Hong Kong Stock Exchange.

Sinotruk (BVI) raised its shareholdings in its listed unit to 63.04% from 62.52% after the purchase, and it plans to increase more stakes in Sinotruk (Hong Kong) through further open market purchase.

Last month, Sinotruk (Hong Kong) posted its first-half net profit rose 40% to RMB 767.9 million, compared with RMB 549 million a year earlier, mainly because consumers rushed to buy vehicles before the introduction of new emissions regulation. Meanwhile, it reaped RMB 16.92 billion in sale, representing a year-on-year increase of 50%.

Over the seven years since 2007, Sinotruk Corp has been developing at a high speed and also performed well in the first half this year with its sale of heavy trucks up 57.2% year-on-year to 67,694 units.

In July and August, the corporation sold 5,970 and 9,485 heavy trucks respectively.

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