Reuters logo
BUZZ-Chinese automaker Geely extends gains as strong FY results expected
February 13, 2017 / 3:34 AM / 10 months ago

BUZZ-Chinese automaker Geely extends gains as strong FY results expected

** Chinese automaker Geely Automobile Holdings Ltd rises as much as 5.2 pct to HK$10.60 after the stock was included in the benchmark index, raising prospects of more inflows from passive funds

** Stock up 50 pct since mid-December and outperformed index by wide margin

** Company, seen as frontrunner among Chinese automakers looking to diversify abroad, says January sales already more than 10 percent of projected 2017 volume target

** On Jan. 6, the company said it expected to record a more than 100 percent increase in 2016 net profit due to significant increase in sales; results are due in March 2017

** Chinese carmaker, which owns Volvo, looking to expand footprint in South East Asia to take advantage of growing demographics, according to Henry Soediarko, an analyst with Singapore-based fintech company Smartkarma; recent reports have cited Geely as frontrunner for tie-up with Malaysia’s Proton

** Chairman Li Shu Fu purchased 165 million shares from Dec. 6 to Dec. 9 at HK$7.85-HK$8.37 per share, cited by some analysts a trigger for the stock rally

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below