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Guangzhou Automobile's Shanghai shares jump on plan to buy FAW Toyota stake

By Reuters News21 hours ago Updated

** Shanghai shares of Guangzhou Automobile Group 601238.SS jump 10% to 5.6 yuan, their highest level since June 23

** Stock up after three straight sessions of declines

** Hong Kong-listed stock climbs 5.9% in its second gaining session to HK$2.685, the highest point since September 15

** Guangzhou Automobile Group plans to acquire a 50% stake in FAW Toyota from a unit of state-owned automaker FAW Group through a share issue, the Chinese auto maker said in a Shanghai Stock Exchange filing on Monday

** The transaction value has not yet been determined pending the completion of audit and asset valuation work

** YTD, Shanghai shares down 31.4%, Hong Kong-listed stock down 37%

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