By Yifan Wang
Shares of Sinotruk and Weichai Power rallied after the companies issued positive profit alerts.
Sinotruk, a Chinese heavy-duty truck maker, rose as much as 13% on Monday and was recently 9.7% higher at 16.70 Hong Kong dollars (US$2.13). Weichai Power, which manufactures engines for trucks and other vehicles, advanced 6.1% to HK$12.18.
The gains came after both companies guided for sharply higher first-half profits, as activity in China's heavy-duty truck sector picked up, driven by a domestic sales recovery and surging demand overseas.
For the first half of 2023, Sinotruk said net profit could rise by 80% or even double from a year earlier, while Weichai Power estimated a 50%-70% increase in net profit.
Write to Yifan Wang at firstname.lastname@example.org
(END) Dow Jones Newswires
July 02, 2023 23:30 ET (03:30 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.