May 18 Reuters Aston Martin39;s stock popped nearly 22 on Thursday, after the luxury carmaker announced a 234 million pound investment by China39;s Geely, that will see the automotive firm become its thirdlargest shareholder.

Geely will acquire about 42 million ordinary shares from Chairman Lawrence Stroll39;s Yew Tree, which is currently the Aston Martin39;s largest stakeholder, at 335 pence apiece and subscribe for another 28 million shares at the same price.

The fresh issue will garner about 95 million pounds in cash proceeds for the British firm.

Aston Martin shares, which closed at 231.2 pence on Wednesday, were trading up to 279.4 pence at 0727 GMT.

For Aston Martin, the preferred ride of fictional secret agent James Bond which has gone bankrupt seven times in its history, the investment paves the way to secure its longterm future and allows the centuryold firm to lower its debt.

They offer us a deep understanding of the key strategic growth market that China represents, as well as the opportunity to access their range of technologies and components, Stroll said in a statement.

Geely, which owns multiple brands including British sportscar maker Lotus, Zeekr, Volvo and via a joint venture with Volvo Polestar , had acquired a 7.6 stake in the Formula One team sponsor in September last year.

That came after the carmaker rejected Italian investment group Investindustrial and Geely39;s proposed funds of up to 1.3 billion pounds 1.64 billion in July.

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