JPMorgan Chase & Co maintained its overweight rating on 02789-HK, lowering its target price slightly from HK $1.70 to HK $1.60 and downgrading the company's 2011-2012 sales by 3 per cent and 24 per cent, reflecting weaker-than-expected new orders in June. Raise the 2011 net profit forecast by 2%, but lower the 2012 net profit forecast by 20%.

Shares in broad china have fallen 30 per cent in the past few months and sales and earnings in the first half of the year are in line with expectations, Motors said. But due to tight credit policies in the mainland, political instability in the Middle East and European problems, the growth of new contracts slowed to 3.6 billion yuan, lower than the bank's forecast of 15 billion yuan for the whole year and 11.1 billion yuan for the whole of last year.

Broad China rose 4.46 per cent to HK $1.17.