Deals
Baoxin Auto Surges 25 Percent After $1.1 Billion Stake Sale
- Trading resumes after suspenion following Dec. 4 deal
- China's biggest car dealer buys stake amid sales slowdown
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Baoxin Auto Group Ltd. jumped as much as 25 percent in Hong Kong on its first trading day since China Grand Automotive Services Co. bought a majority stake in the company for HK$8.2 billion ($1.1 billion).
Baoxin Auto, a retailer of BMW vehicles in China, traded at HK$4.97 as of 9:38 a.m., headed for the highest closing price since July 2. The benchmark Hang Seng Index fell 1.8 percent. China’s largest publicly traded car dealership group paid HK$5.99 for each share of Baoxin Auto on Dec. 4, according to a filing to the Hong Kong stock exchange.