(Yicai Global) Nov. 12 -- Shares in Shandong Gold Phoenix Group advanced as much as 5.8 percent today after the Chinese brake pad maker said it has won its second supply deal with German auto giant Daimler.
Gold Phoenix’s share price [SHA:603586] closed up 1.55 percent at CNY11.81 (USD1.80). Earlier in the day it had reached CNY12.31.
Gold Phoenix will supply brake pads for Daimler’s Mercedes-Benz Vito models worldwide, the Leling, northeastern Shandong province-based company said yesterday. The products will be delivered to Daimler’s Spanish plant, it added. No details of the amount or pricing were given.
Gold Phoenix already supplies brake pads for the Mercedes-Benz Sprinter models and has many other global names as clients. Some 80 percent of its products are exported.
Editor: Kim Taylor