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Sinotruk Jumps on Possible Partnership, Stake Sale
Sinotruk (Hong Kong) Ltd., China's largest heavy-truck maker, jumped the most in four days after saying it may sell a stake to a strategic partner.
The company gained as much as 14 percent and was up 11 percent to HK$4.34 at the 12:30 p.m. trading break, while Hong Kong's Hang Seng Index rose 4.5 percent. Sinotruk has plunged 64 percent this year, compared with the benchmark's 54 percent decline.
The unidentified potential investor may buy new and existing shares in Sinotruk and also allow the company to use its technology, the Hong Kong-based truckmaker said in a stock exchange statement last night. Sinotruk is seeking investment and planning to boost sales overseas as Chinese truck demand wanes alongside the country's cooling economy.
``The company may benefit from an overseas partner if they do the deal in the right way,'' said Mandy Qu, an analyst at UBS AG in Shanghai. ``It's not easy and other ventures haven't always worked.''
Paccar Inc., Navistar International Corp. or Scania AB could be among the possible investors, as these truckmakers haven't got local joint ventures in China yet, she added. Qu rates Sinotruk ``buy.''
Calls to Sinotruk were referred to a public relations company. Winston Yau, who represents Sinotruk at Christensen in Hong Kong, declined to identify the prospective investor.
Vehicle Sales
China's vehicles sales, which include passenger cars, buses and trucks, rose 3.4 percent last month, according to the China Association of Automobile Manufacturers. That compares with a 22 percent increase for the whole of last year.
The country's economic growth slipped to 9 percent in the third quarter, the slowest pace in five years.
Sinotruk plans to sell 33 percent of its vehicles overseas by 2010 as slowing demand and competition from domestic rivals, including Dongfeng Automobile Co., make China sales less profitable.
The truckmaker sells vehicles as kits to independent assemblers in Indonesia, Vietnam and Morocco. It plans to establish ventures in the Middle East, Africa and Russia by the end of the year, President Cai Dong said in June.
The company gained as much as 14 percent and was up 11 percent to HK$4.34 at the 12:30 p.m. trading break, while Hong Kong's Hang Seng Index rose 4.5 percent. Sinotruk has plunged 64 percent this year, compared with the benchmark's 54 percent decline.
The unidentified potential investor may buy new and existing shares in Sinotruk and also allow the company to use its technology, the Hong Kong-based truckmaker said in a stock exchange statement last night. Sinotruk is seeking investment and planning to boost sales overseas as Chinese truck demand wanes alongside the country's cooling economy.
``The company may benefit from an overseas partner if they do the deal in the right way,'' said Mandy Qu, an analyst at UBS AG in Shanghai. ``It's not easy and other ventures haven't always worked.''
Paccar Inc., Navistar International Corp. or Scania AB could be among the possible investors, as these truckmakers haven't got local joint ventures in China yet, she added. Qu rates Sinotruk ``buy.''
Calls to Sinotruk were referred to a public relations company. Winston Yau, who represents Sinotruk at Christensen in Hong Kong, declined to identify the prospective investor.
Vehicle Sales
China's vehicles sales, which include passenger cars, buses and trucks, rose 3.4 percent last month, according to the China Association of Automobile Manufacturers. That compares with a 22 percent increase for the whole of last year.
The country's economic growth slipped to 9 percent in the third quarter, the slowest pace in five years.
Sinotruk plans to sell 33 percent of its vehicles overseas by 2010 as slowing demand and competition from domestic rivals, including Dongfeng Automobile Co., make China sales less profitable.
The truckmaker sells vehicles as kits to independent assemblers in Indonesia, Vietnam and Morocco. It plans to establish ventures in the Middle East, Africa and Russia by the end of the year, President Cai Dong said in June.
