Hong Kong-listed shares in SUV maker Great Wall rose by 3% yesterday after it said last Friday first-half profit rose 30%. (See related story here.) Yet big state-controlled Guangzhou Auto, a partner of Honda and Tokyo, said yesterday said net profit fell by 15% in the first half amid tepid industry growth.
Shares in Guangzhou Automobile Group, a China partner of Toyota and Honda, have lost more than 8% in Hong Kong since mid-September amid rising political tension.
Mr Wang's rethink was triggered by a spate of 200-odd strikes last year in the Pearl River delta that began in May with workers downing tools at a Honda car-parts factory in Foshan, near Guangzhou.