Bethel Automotive Safety Systems (SHA:603596) acquired approximately 51% of Yubei Steering Systems (Xinxiang), according to a Shanghai bourse filing on Wednesday.
The manufacturer of automotive brakes obtained the license for the new entity but hasn't finished the acquisition's closing steps.
The company's shares fell 3% at the close.
Chinese shares rose on Wednesday amid the strong expansion of business activity in the country, as sentiment was anchored by the latest May macroeconomic data from S&P Global and the RatingDog economic tracker.The Shanghai Composite Index, the main gauge of Chinese stocks, rose 0.2% to 4,083.97. The Shenzhen Component Index went up 0.7% to 15,704.71.Business activity in China expanded at the fastest pace in three months in May, according to data from S&P Global and RatingDog.On the other hand, the RatingDog China Composite Purchasing Managers' Index came in at 54, compared with 53.1 in the previous month, marking the fastest growth in output since February.Meanwhile, the headline RatingDog China General Services Business Activity Index was 54.4, up from 52.6 previously and above the Investing.com consensus estimate of 52.3. The reading marked the strongest increase in services activity in three months as growth in business activity and new orders continued to accelerate.In company news, Beijing Oriental Yuhong Waterproof Technology (SHE:002271) plans to invest about 542 million yuan to acquire 55% stakes in Indonesian construction materials companies PT IALK and PT ACUM. Shares of the waterproofing system provider closed 3% lower Wednesday.
Pan-United (SGX:P52) bought back 100,000 shares in the open market on Tuesday for SG$151,429, or SG$1.51 apiece, according to a same-day filing with the Singapore Exchange.The company has been authorized to repurchase about 70 million shares under its current mandate. To date, it has bought back 707,700 shares.
Hong Kong's Securities and Futures Commission urged licensed firms to strengthen cybersecurity measures against emerging threats enabled by advanced artificial intelligence models, according to a circular issued Tuesday.The regulator warned that rapid advances in AI could enable more frequent and sophisticated cyberattacks, including phishing, social engineering, deepfake impersonation, and large-scale attacks targeting interconnected systems.The SFC called on licensed firms, particularly internet brokers and virtual asset trading platforms, to enhance safeguards for client information and assets.The regulator also urged firms to review areas including vulnerability management, threat detection, monitoring, incident response, and recovery to enhance cyber resilience.