Hong Kong Stock Market News | Brilliance China surges 33% intraday, company considers issuing special dividends. Morgan Stanley once pointed out that the parent company's restructuring will lead to cash distribution
Great Wall Motor surged 33% intraday, up 29.63% as of the time of publication, trading at HKD 7 with a turnover of HKD 4.34 billion. In terms of news, Great Wall Motor announced its full-year performance as of the end of December last year, with revenue of RMB 11.21 billion, a year-on-year decrease of 0.8%; net profit was RMB 7.735 billion, a year-on-year increase of 8.2%. No final dividend will be distributed. However, the company stated that a board meeting will be held on April 15 to consider the distribution of special dividends. Morgan Stanley previously stated that Great Wall Motor recently announced the latest progress of its parent company's restructuring. By mid-March, the parent company had become a wholly-owned subsidiary of Shenyang Automotive. Although there is no specific plan at present, the anticipation is that the parent company's restructuring will bring cash distribution for debt repayment, which is expected to improve the dividend outlook. In addition, the BMW joint venture company distributed approximately RMB 11.3 billion in dividends to Great Wall Motor last year, which is expected to increase Great Wall Motor's cash position by RMB 2.4 per share, thereby enhancing its financial strength
According to the Vantage Finance app, Huachen China (01114) surged 33% intraday, up 29.63% as of the time of publication, reaching HKD 7, with a turnover of HKD 4.34 billion.
On the news front, Huachen China announced its full-year performance as of the end of last December, with revenue of RMB 11.21 billion, a year-on-year decrease of 0.8%; net profit of RMB 7.735 billion, a year-on-year increase of 8.2%. No final dividend will be distributed. However, the company stated that a board meeting will be held on April 15 to consider the distribution of special dividends.
Morgan Stanley previously stated that Huachen China recently announced the latest progress of the restructuring of its parent company. By mid-March, the parent company had become a wholly-owned subsidiary of Shenyang Automotive. Although there is currently no specific plan, it is anticipated that the parent company's restructuring will bring cash distribution for debt repayment, which is expected to improve dividend prospects. In addition, the BMW Brilliance joint venture company distributed approximately RMB 11.3 billion in dividends to Huachen last year, which is expected to increase Huachen's cash position by RMB 2.4 per share, thereby enhancing its financial strength