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King Long Motor's Controlling Shareholder to Raise Stake by Up to 150 Million Yuan; Shares Up 5%

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Xiamen King Long Motor's (SHA:600686) controlling shareholder, Fujian Provincial Automobile Industry Group, plans to raise its holdings in the company by between 80 million yuan and 150 million yuan, according to a Friday disclosure on the Shanghai bourse.

The total proportion of the raised stake will not exceed 2% of the automobile company's total share capital.

The stake increase will be implemented within six months through centralized bidding and block trading.

The company's shares jumped by less than 5% during the midday trade.

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