GAC Group to set up trading firm in Greater Bay Area

Guangzhou Automobile Group Co is planning to set up a trading company and a ride-hailing firm in the Guangdong-Hong Kong-Macao Greater Bay Area, its chairman said.

Zeng Hongqing, the automaker's chairman, said the company is going to start a trading company in Hong Kong, where the cycle of foreign exchange settlement is shorter than in the Chinese mainland.

The carmaker is also planning to set up a ride-hailing company in partnership with tech giant Tencent Group, said Zeng, a deputy to the 13th National People's Congress.