Top mover alert: Geely call warrant jumps 24% as stock defies broad weakness on Ford JV
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Geely shares rose as much as 3.4% to HKD 19.30 today, bucking the broad weakness (HSI: -1.2% to 24,910 as of 1042AM)
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Macquarie's trending Geely call warrant $Geely MB eCW261103(IMOW.SI)$ (https://warrants.com.sg/tools/livematrix/IMOW) rose 7 times more than Geely's +3.3% move with a 23.5% gain to SGD 0.042 while trending Geely put warrant $Geely MB ePW261005(93ZW.SI)$ (https://warrants.com.sg/tools/livematrix/93ZW) is down 13.2% to SGD 0.046
Macquarie's trending Geely call and put warrants
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In an after-market announcement yesterday, Geely said that it has formed a joint venture with Ford Moto to co-develop electric cars in Spain. Ford will own two-thirds of the venture with Geely holding the remainder
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Analysts believe that the JV reflects a broader convergence between European carmakers seeking cheaper technology and fuller factories and Chinese groups looking for a local manufacturing foothold
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The European market is one of Geely's fastest growing markets
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Meanwhile, the rest of the Chinese EV names are mostly trading in the red today following a 16.8% drop in China's retail car sales figures (Bloomberg)
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