Zhitong Financial APP learned that American East Motor (01268) rose nearly 7% in early trading, setting a new record high at HK $23.70, with a total market capitalization approaching HK $30 billion. As of 11:06, it was up 4.97% to quote HK $23.25, with a turnover of 32.9955 million.

On the news, the China Association of Automobile Manufacturers said that car sales in China are expected to rise 14.9 per cent to 2.08 million units in July from a year earlier, with passenger vehicles up 5.3 per cent and commercial vehicles up 59.6 per cent. But car sales in the first seven months are expected to fall 12.7 per cent from a year earlier to 12.34 million units.