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Chinese commercial vehicle maker Zhongtong Bus surges by the daily limit of 10% in Shenzhen to hit a new record high of 27.97 yuan per share, bringing its total gains in the recent 32 trading days to about 550%.
The carmaker had said its net profit attributable to shareholders is forecasted to be 20 – 25 million yuan ($2.981-$3.726 million) in the first half of 2022, improving significantly from a loss of 149 million yuan ($22.208 million) for the same period last year.
The profit came after the company adjusted product portfolio, leading to increases in large passenger vehicles and improvement in gross profit margin, it said, adding that the disposal of stake in its subsidiary Xinjiang Zhongtong Bus also contributed to the earnings.
Notably, Shandong State-owned Assets Investment Holdings Co Ltd, Zhongtong Bus’ second largest shareholder, cut shareholdings of the carmaker by 5.93 million shares, which accounted for 1% of its capital stock, according to a stock exchange filing on Monday.
