Shares of Dongfeng Motor soared by as much as 85.8% on Monday following the announcement of a potential change in the company’s controlling shareholder structure. The stock jumped to HK$6 shortly after the market opened.

Shares of Dongfeng Motor soared as much as 85.8% in Hong Kong on Monday after the Chinese automaker said its parent was planning a restructuring, stoking speculation that some of the state-owned players could be merged as competition grows.

HONG KONG (Reuters) -Shares of Dongfeng Motor soared as much as 85.8% on Monday after the state-owned Chinese automaker's announcement that its parent is planning a restructuring with another government enterprise stoked speculation of a possible merger.