China’s second-largest car dealer faces forced delisting as investors snub its shares

Quick Summary:

China Grand Automotive Service is set to be expelled from the Shanghai Stock Exchange after its shares traded below their par value for 20 straight days, the latest sign of cracks appearing in the world’s largest vehicle market.

The Shanghai-based company plunged by the 10 per cent daily trading limit on Tuesday, ending at 0.87 yuan (12 US cents).

The car dealer posted a net profit of 392 million yuan last year, a turnaround from a net loss of 2.66 billion yuan in 2022.

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Article Details

Author / Journalist: Daniel Ren

Category: Business

Markets: Hong KongChina

Topics: Cent Delisting Yuan Grand Vehicle Dealer Automotive Year Trading Sales Shares

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-17 @ 07:00:12 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 548 words

Reading Time: 4 minutes read

Sentences: 18 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21657939

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