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Firms rise after Tesla announcement

Shares of Chinese charging equipment manufacturers soared on Monday, after US electric carmaker Tesla Motors announced on Thursday it would launch more charging stations across the country.

Shenzhen-listed Zhejiang Wanma Cable Co Ltd led the surge by reaching the daily limit of 10 percent on Monday, while Shanghai-listed Shanghai Potevio Co Ltd grew 9.97 percent.

Zhao Huan, an analyst with Guotai Junan Securities, told the Beijing Times newspaper that companies manufacturing electric ­car-related products, such as charging facilities, will benefit from Tesla’s confidence in China.

Tesla said in a statement ­released on Thursday that it will set up repair and service centers in Beijing, Shanghai, Hangzhou, Guangzhou, Shenzhen and Chengdu this summer.

The plan indicates that Tesla is highly optimistic about the China market, Zhao said in the Beijing Times report.

“Investors are advised to continue paying close attention to related stocks,” he said.

Tesla is also exploring establishing charging facilities in public places, the company said in its statement, which did not reveal information about cooperators.

However, whether the surge in share prices will continue remains unknown.


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