(Yicai Global) July 20 -- SAIC Motor's shares climbed after the Chinese carmaker said today that it will not be buying a controlling stake in China Auto Rental due to newly emerged circumstances.

SAIC's stock price [SHA: 600104] edged up by 2.5 percent to CNY19.02 (USD.270) this afternoon. Meanwhile, CAR's shares slumped 4.9 percent to HKD2.93 (US 38 cents).

The Shanghai-based automaker had said on July 2 that its unit would pay up to HKD1.9 billion (USD245 million) for no more than 613 million CAR shares. The vehicle rental company's equity price has plummeted this year amid the accounting scandal of Luckin Coffee, whose former chairman Charles Lu used to chair CAR too.

Editor: Emmi Laine