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** Hong Kong shares of Chinese automaker Great Wall Motor Co Ltd jump 8.9% to HK$34.40, its highest since listing in December 2003

** Stock up 22.5% so far this week, heading for its best weekly gain since September 2018

** Stock is the biggest percentage gainer in the Hang Seng Composite Index , and the fifth most actively traded by turnover

** Shanghai shares surge 7.8% to an all-time high at 54.99 yuan

** Morgan Stanley upgrades Hong Kong stock of Great Wall Motor to "overweight" from "equal weight" and lifts PT to HK$45 from HK$25, on improving outlook from preliminary 2Q21 results

** It also upgrades the Shanghai stock to "equal weight" from "underweight" and lifts PT to 45 yuan from 25 yuan

** Morgan Stanley says it shifts toward a more positive stance regarding to Great Wall Motor's longer-term growth outlook and profitability potential

** Citi maintains "neutral" on the stock but lifts TP to HK$32.3 from HK$28, saying 2Q21 earnings beat consensus while downside risk on chips supply and raw material prices hike still exist in near term

** Both the Hong Kong Hang Seng Commerce & Industry Index and the Hang Seng Composite Index fall 1.4%

** The Hang Seng China Enterprises Index eases 1.3%and the benchmark index slides 1.2%