Shares in Chinese carmaker BYD have risen sharply on their debut on the Shenzen stock exchange, despite the company reporting a drop in profits.
BYD shares jumped as much as 39% to 25 yuan, compared with the listing price of 18 yuan.
The company had raised 1.42bn yuan ($219m; £136m) from the share issue to fund its expansion plans.
On Wednesday, BYD reported an 84% dip in profits for the first quarter compared with a year earlier.
The car and battery maker said it made a net profit of 266.7m yuan in the first three months of the year, down from 1.7bn yuan a year ago.
Billionaire investor Warren Buffett's company MidAmerican Energy holds a 9.9% stake in BYD.
Source: BBC
www.bbc.co.uk
BYD shares jumped as much as 39% to 25 yuan, compared with the listing price of 18 yuan.
The company had raised 1.42bn yuan ($219m; £136m) from the share issue to fund its expansion plans.
On Wednesday, BYD reported an 84% dip in profits for the first quarter compared with a year earlier.
The car and battery maker said it made a net profit of 266.7m yuan in the first three months of the year, down from 1.7bn yuan a year ago.
Billionaire investor Warren Buffett's company MidAmerican Energy holds a 9.9% stake in BYD.
Source: BBC
www.bbc.co.uk
No comments:
Post a Comment