Dongfeng Motor shares surge on privatisation plan

New plans: A Dongfeng vehicle at a car show in Nepal. The corporate manoeuvering signals consolidation among China’s state-owned automakers. — Reuters

Beijing: Dongfeng Motor Group Co’s Hong Kong-listed shares surged the most in six months after the Chinese automaker announced long-awaited restructuring plans that will see it refocus on the electric vehicle (EV) market.

The stock jumped as much as 69% yesterday, the most since February, to HK$10.10 as trading resumed following a two-week suspension.