Geely Forms Strategic Joint Venture with Renault

An update from Geely Automobile Holdings ( (HK:0175) ) is now available.

Geely Automobile Holdings Limited has entered into a Contribution Agreement and a Joint Venture Agreement with Geely Holding, Renault, and other parties to form a joint venture company. This strategic move involves Geely contributing its subsidiary’s share capital and cash in exchange for shares and warrants in the JV Company, which will be predominantly owned by Renault. The transaction is considered a connected transaction under the Hong Kong Listing Rules, requiring certain reporting and announcement obligations but exempt from independent shareholders’ approval. This joint venture aims to strengthen Geely’s position in the automotive industry by leveraging Renault’s substantial ownership and expertise.

The most recent analyst rating on (HK:0175) stock is a Buy with a HK$23.00 price target. To see the full list of analyst forecasts on Geely Automobile Holdings stock, see the HK:0175 Stock Forecast page.

More about Geely Automobile Holdings

Geely Automobile Holdings Limited is a prominent player in the automotive industry, primarily engaged in the design, development, manufacturing, and sales of automobiles. The company is known for its focus on producing a wide range of vehicles, including sedans, SUVs, and electric vehicles, catering to various market segments globally.

Average Trading Volume: 81,930,168

Technical Sentiment Signal: Buy

Current Market Cap: HK$163.2B

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