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Fly News Breaks for September 30, 2015
BITA, ATHM
Sep 30, 2015 | 11:54 EDT
Shares of Autohome (ATHM) and Bitauto (BITA) are moving higher after the Chinese government yesterday morning said it would cut the 10% purchase tax on small cars in half. The tax break, effective between tomorrow through the end of next year, is on cars with engines no larger than 1.6 liters and is aimed at boosting demand, the government announced. Autohome, a provider of online advertising and dealer subscription services, is up $4.51 to $34.10 in midday trading. Bitauto, a provider of Internet content and marketing services for China's automotive industry, is up $1.88 to $30.17.
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