Hong Kong Stock Market Update | EVERG VEHICLE surges over 10% as Hengchi Motors launches year-end price reduction campaign.

Evergrande Auto's stock price rose more than 10% at one point, and as of the time of writing, it has risen 6.12% to HKD 0.52, with a turnover of HKD 7.1327 million. In terms of news, according to a recent announcement from Evergrande Auto's official WeChat account, they have launched an end-of-year promotion where a deposit of RMB 10,000 can be used as a RMB 20,000 discount. At the same time, participants in the partnership program can receive a reward of RMB 10,000 per vehicle. It is reported that currently, Evergrande Auto only has one model, the Evergrande 5, available for sale. This model is positioned as a compact SUV with a price of RMB 179,000. Evergrande Auto's interim report released earlier showed that the group's revenue for the first half of the year was RMB 154.54 million, an increase of 540.98% compared to the restated revenue for the six months ended June 30, 2022. The increase in revenue is mainly due to the group starting to sell the Evergrande 5.