Wuling Motors Holdings (00305.HK) saw its stock price soar by 15.38% during Wednesday's trading session, reaching a 4-1/2-month high of HK$0.6. This marks the stock's biggest intraday percentage gain since March 18.
The surge comes on the heels of a positive profit outlook released by the Chinese new energy vehicle manufacturer. Wuling Motors expects its first-half net profit to skyrocket by 298% year-over-year, reaching approximately 84 million yuan ($11.68 million). The company attributes this significant improvement to higher gross profit margins and reduced administrative expenses resulting from effective cost-control measures.
Despite Wuling Motors' impressive performance, the broader market showed mixed results. The Hang Seng Automobile Index slipped 0.4%, while the benchmark Hang Seng Index was down 0.2%. Year-to-date, Wuling Motors' stock has demonstrated strong performance, up 36.6%, indicating growing investor confidence in the company's business model and future prospects in the competitive new energy vehicle market.
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