Changes in Hong Kong stocks | Yongda Auto (03669) rose more than 5% to sign a strategic cooperation framework agreement with Hongxin Electronics, Citi believes it may bring the company a second growth engine

The Zhitong Finance App learned that Yongda Auto (03669) rose by more than 5%. As of press release, it had risen 5.62% to HK$0.94, with a turnover of HK$2,5841 million.

According to the news, Citi released a research report stating that recently, Yongda Auto signed a strategic cooperation framework agreement with Hongxin Electronics (300657.SZ) to officially enter the field of physical intelligence. Meanwhile, Hongxin Electronics' affiliated companies plan to subscribe for 73.16 million new shares of Yongda Motor at HK$0.825 per share, accounting for 3.85% of the expanded share capital. The total capital raised is HK$60.36 million, which is intended to be used for the initial deployment of intelligent commercialization. The bank has an overall positive view of this, believing that this may bring Yongda Motor a second growth engine.