(Yicai Global) Nov. 19 -- Shares in Zhejiang Qianjiang Motorcycle Group advanced 5.61 percent today after the Chinese firm said its new joint venture with iconic US motorbike manufacturer Harley Davidson will supply products to overseas markets including the US.
Qianjiang’s share price [SHE:000913] closed at CNY15.99 (USD2.50) today.
Harley will buy bikes produced by its yet-to-be-constructed facility in southeastern Zhejiang province for distribution in other markets including the US, Qianjiang said yesterday. The pair had previously agreed in September that the JV would only supply the China market. No reasons were given for the change in strategy.
The JV, in which Qianjiang owns 80 percent equity and Harley the rest, will develop two Harleys for the Chinese market, Qianjiang said on Sept. 14. One will have a 338 cubic centimeter engine and the other a 500 cc one.
Founded in the US in 1903, Milwaukee-based Harley is one of the world’s best known motorcycle brands. Qianjiang, established in 1985, is a unit of Chinese automaker Geely Holding Group.
Editor: Kim Taylor