Shares in BYD, the Chinese electric carmaker backed by Warren Buffett, the billionaire US investor, rose by as much as 46 per cent in their mainland Chinese debut, in spite of weak market sentiment and months of bad trading news from the company.
The carmaker, which is widely viewed as one of the most likely beneficiaries of Beijing’s policy of promoting alternative fuel vehicles in China, raised $219m in its initial public offering.
BYD shares were traded at Rmb22 a share at the open in Shenzhen and rose to more than Rmb26, compared with an initial public offering price of Rmb18. The shares closed 41 per cent higher at Rmb25.45.
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