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China: BYD’s Profit Plummets as Industry Sales Drop

A worker washes a BYD Co E6 electric taxi in Shenzhen, Guangdong province. BYD’s sales fell in May, continuing a 10-month decline. Its flagship model F3 has fallen to fourth position from No 1 on the list of top-selling domestic cars. [Photo: Bloomberg]

Chinese battery and carmaker BYD Co Ltd reported an 84 percent profit decline in the first quarter in a statement filed with the Hong Kong Stock Exchange on Wednesday, a day before going public in Shenzhen.

On news of the net income plunge, the H-share listed company’s stock fell nearly 7 percent in Hong Kong trading on Wednesday, its biggest decline in more than three months. The share price finally closed at 23.90 yuan ($3.70), a 4.59 percent fall from the opening price.

The automaker raised 1.35 billion yuan from an A-share listing in Shenzhen this month to fund expansion and invest in research and development. The stock will start trading in Shenzhen on Thursday under a plan calling for up to 79 million shares to be issued at 18 yuan apiece.
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