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BYD Rises on China Plan for Energy-Saving Cars: Hong Kong Mover – Bloomberg

BYD Co. (1211), a Chinese maker of electric cars, rose to the highest level in more than three weeks in Hong Kongtrading after the government announced a plan to promote the use of energy-saving automobiles.
The company, partly owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), gained 8.2 percent to HK$31.15 as of 1:07 p.m., headed for the highest closing price since June 19. Hong Kong’s benchmark Hang Seng Index rose 0.5 percent.
China plans to boost technology and speed up the development of less energy-intensive and polluting industries to upgrade the structure of the economy and shift growth toward domestic demand, the central government said July 12 after a meeting of the State Council, China’s Cabinet. Government and public transport companies should take the lead in expanding the use of new-energy vehicles, it said.


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