Changan Auto shares suspended due to restructuring
Chongqing Changan Automobile Co Ltd (SZA 000625; SZB 200625), whose shares have been suspended since Oct 10, said that the trading halt is due to a planned restructuring.
In a statement filed with the Shenzhen Stock Exchange, the automaker said it will seek to make a more detailed disclosure about the restructuring plans within the next 30 days.
If it fails to do so, shares will resume trading on Nov 24 at the latest. In such a case the company said it will not consider any further restructuring plans in the following three months.
The statement did not address market rumors that the company plans to buy back B-shares, which are trading well lower than its A-shares.
A-shares of Changan Auto last traded at 3.67 yuan on Oct 9, down 2.13 pct, while its B-shares were up 3.7 pct at 1.68 hkd.
Chongqing Changan Automobile is the listed arm of China's fourth-largest automaker Changan Automotive Group. The listed firm has joint ventures with Ford Motor and Suzuki Motor.
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