FAW Car shares jump over 1%, increase attributed to Chinese Foreign Minister's riding Hongqi H7

Gasgoo.com (Shanghai June 18) - Despite the fact that stocks of several domestic automobile manufacturers performed poorly on Monday, FAW Car's stock increased a full 1.73 percent. A report appearing in the Beijing Times today attributes the growth in FAW Car's stock to the fact that Chinese Foreign Minister Wang Yi rode a FAW Hongqi own brand limousine that very same day.

That afternoon, the Foreign Ministry's Public Relations Office updated its official Weibo page with a post stating that Mr. Yi (pictured above) will officially begin riding in a FAW Hongqi H7 limousine (pictured below). Later that afternoon, FAW Car's stock price rose rapidly, shooting up several two percent increments in just ten minutes. The stock value finished at 14.1 yuan ($2.291), equivalent to a 1.73 percent increase. By comparison, stocks of rival automobile enterprises Great Wall Motor and Yueda Investment fell 5.88 percent and 3.98 percent, respectively. In his analysis on the news, Founder Securities Analyst Pan Yibing was confident that the Foreign Ministry's announcement was responsible for FAW Car's rapid growth.