BYD chairman lifts stake in carmaker
Print Edition
BYD Co, the Chinese carmaker backed by Warren Buffett, yesterday said its chairman has raised his stake in the firm and may buy more shares as a sign of confidence after the stock’s record slump last week.
Wang Chuanfu, BYD’s chairman, president and CEO, bought 1 million of BYD’s Hong Kong-listed shares on Tuesday, raising his stake in the firm to 23.1 percent, BYD said in statements to the Shenzhen and Hong Kong stock exchanges.
“Mr Wang has indicated that he does not rule out the possibility of further increasing his shareholding in the company if and when appropriate in the future,” BYD said.
The move shows that Wang “has confidence toward the future prospects of the company,” according to the statements.
BYD’s Hong Kong shares fell 29 percent on December 18 in record trading, logging their biggest one-day drop, in an unexplained slide that wiped out around US$1.2 billion of its market capitalization.
The shares have since stabilized after BYD held calls with analysts and said the company’s fundamentals remained healthy.
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