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China H-shares sink to 4-mth closing lows, Great Wall Motor dives
January 9, 2014 / 8:06 AM / 4 years ago

China H-shares sink to 4-mth closing lows, Great Wall Motor dives

HONG KONG, Jan 9 (Reuters) - Offshore Chinese shares listed in Hong Kong closed at their lowest in more than four months on Thursday, with Great Wall Motor leading a slide in the automobile sector after the company announced a conservative 2014 sales target.

The China Enterprises Index of the leading Chinese listings in Hong Kong ended down 1.7 percent at 10,152.8 points, its lowest closing level since Sept. 2. The Hang Seng Index sank 0.9 percent to 22,787.3.

Great Wall Motor H-shares tumbled 8.5 percent after China’s biggest sports utility vehicle manufacturer said late on Wednesday that it aims to sell 880,000 units in 2014, which traders said was the lower end of market expectations.

Losses among auto makers accelerated after the China Association of Automobile Manufacturers (CAAM) said on Thursday it expects vehicle sales to increase 8 to 10 percent this year, compared to 13.9 percent in 2013.

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