BRIEF: Harmony Auto consolidates place as BYD’s Hong Kong NEV distributor

3836.HK

Car dealer China Harmony Auto Holding Ltd. (3836.HK) announced on Monday that it purchased assets related to BYD‘s (1211.HK; 002594.SZ) Hong Kong distributor JC Motor for HK$150 million ($19 million). Harmony said that after the acquisition it will become BYD’s sole distributor in Hong Kong, consolidating its position in the city’s new energy vehicle (NEV) market.

Assets involved in the acquisition include showrooms, service centers, warehouses, warehouse carparks and fixed assets. They also include the seller’s test drive and office cars and vehicles and spare parts in stock.

BYD’s agency rights in Hong Kong were originally held by JC Motor. BYD Hong Kong recently announced that it would no longer work with JC Motor following the end of their cooperation period.

By Lau Chi Hang

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