Report: Guangzhou Auto May Buy Stake in FCA

China’s Guangzhou Automobile Group Co. may be interested in buying a stake in Fiat Chrysler Automobiles NV, according to Italy’s Il Giornale, which cites no sources.

The two companies already operate a joint venture in China that makes Fiat cars and Jeep SUVs. Neither has commented on the report, which prompted a 3% jump in FCA’s share price. But shares fell after Guangzhou denied any such investment plans.

GAC announced earlier this week it will display vehicles at the Detroit auto show in January. The company hopes to begin selling cars in the U.S. in a few years with the help of FCA.