At night of May 8, Great Wall announces that delivery time of Great Wall H8 has been delayed because drive system has knock sound which influence quality of H8.
Influenced by the message, share price of Great Wall has dramatically dropped on May 9. The price immediately hit the price stop limitation since Shanghai Stock Marketopens. Price of Great Wall on Hong Kong Stock Market has dropped 20% at most, and ends with 27.25 HKD with 16.92% drop. Capital value vanish 16.8 billion CNY for the day.
According to speak of insider of Great Wall, at night on May 8, president secretary tells institution investor that Harvard H8 shall not launch market within this year.
China International Capital Corporation limited comments that Harvard H8 delays will not only influence operation performance of Great Wall of year 2014, but also makes market doubt about the quality of H8 and research ability of Great Wall. CICC reduces expectation share price 19% and 20.4% for SSE and HKSE respectively.
When Great Wall price drop because of H8 delay, insiders say that real reason for H8 delay is because the mode is suspected imitating mode of Benz. And Benz sends court summon to Great Wall already. Great Walldeny that the company receives court summon, and LU Yulin, broadcast manager of Benz says it is not convenient to take any comment.
It is not the first time Great Wall stop H8 delivery time schedule. As early as January 13 this year, Great Wallannounces to delay H8 market launch time because of engine adjustment reactive too traditional, sport mode unclear which is no different with economical mode, safe belt alarm too early since vehicle starts and steering wheel too light. Great Wall has delayed 3 months for Harvard H8 market launching, and suspend orders. After adjustment for a while, Great Wallannounced on April 11 that “Company has optimized and improved Harvard H8, which shall launch Beijing Auto Exhibition on April 20 2014. Market sales follows rule made before that delivery cars to customers ordered before in Beijing, Xian, Chengdu, Guangzhou, Kunming and Haerbin.”
However, around May 7, which is less than 1 month since Harvard H8 launched market, Great Wall has announced to stop H8 orders again.
Source:Gasgoo