On October 8, FUYAO GLASS fell 3.19% in regular trading, trading at HK$53.1 with turnover of HK$118 million. The decline came as the auto parts and equipment sector broadly weakened, with Johnson Electric down 7.5% and Joyson Electronics down 7.89%, spreading pessimism across the sector and pressuring FUYAO GLASS shares.

Earlier, Goldman Sachs downgraded FUYAO GLASS from Buy to Neutral and cut its target price to HK$64, citing stagnant global automobile production prospects and already high market penetration that would slow future revenue and net profit growth. The company's half-year revenue grew 2.4% year over year, but attributable net profit fell nearly 20%, dragged by slower overseas growth and foreign exchange losses.

FUYAO GLASS INDUSTRY GROUP CO., LTD. is engaged in the design, development, manufacturing, supply and servicing of automotive glass and automotive-grade float glass, with products including intelligent panoramic sunroof glass, dimmable glass, and head-up display glass.

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