By Sherry QinBYD's Shenzhen-listed shares rose after the Chinese electric-vehicle giant's plans for more share buybacks and luxury-model launches. BYD's A shares rose as much as 2.3% before paring gains to trade 0.6% higher at 182.20 yuan (US$25.59) at midday Monday. The company will subsequently "formulate a reasonable and feasible share repurchase plan and implement share buybacks based on market conditions," it said in an exchange filing Sunday, without specifying the planned repurchase amount. BYD expects 2023 net profit of between CNY29 billion and CNY31 billion, up from CNY16.62 billion in 2022. The company's Hong Kong-listed shares dropped 2.6% to 185.10 Hong Kong dollars (US$23.66), in line with the broader market weakness.

Source: Wall Street Journal February 19, 2024 05:17 UTC