SAIC-GM-Wuling Joint Venture Introduces New Rong Guang Van for Mobile Stalls to Boost ‘Stall Economy’
The SAIC-GM-Wuling joint venture automobile manufacturer has launched a new Rong Guang van for mobile stalls and booths to support the “stall economy” and “small shop economy” in China. The new model is packed with a pair of falcon-wing doors that can be converted into a mobile stall.
According to the company, the height of the new model is 2.26 meters, with cargo space in the back up to 5,300L. The internal space is flat and square, which is good for stacking cargo. The left and right side of the doors could be turned upwards at an angle of 85 degrees to expand the area of the sunshade and the rain shelter. The lower board of the car is installed with hooks, which can be placed flat, expanding the area of the counter.
Since March, local authorities in many parts of China such as Chengdu, Hangzhou, Jiangsu and Shanghai have eased control measures over mobile stalls, allowing vendors to set up stalls and booths under the preconditions of preventing pandemic spread and keeping the urban environment clean. The return of the once-everywhere vendors has brought back economic vibrancy that was affected by COVID-19.
Shares of the Hong Kong-listed Wuling Motors soared up to 126% on Wednesday after the company unveiled the new model as a sign to support small businesses following COVID-19.
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According to the China Securities Journal, people from the securities department of Wuling Motors said they launched the new truck in May but didn’t promote it. However, sales today have exploded with the one-day sales volume estimated to exceed that of the entire month in May.
Wuling Motors then published an announcement on Hong Kong Exchanges later today confirming the van is owned by the listed company and said they are not aware of the reason for the increase in share price.
“The board of directors of the company has noted the increase in the price and trading volume of the shares of the company on June 3, 2020,” the company said in the announcement. “The board confirms that it is not aware of any reasons for such increase in the price and trading volume of the shares of the company or of any information which must be announced to avoid a false market in the company’s securities.”