BYD Co, the Chinese automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc, rose the most since November 2011 in Hong Kong trading today after forecasting a 31-fold surge in first-half profit.
Shares of the the maker of the E6 electric car gained 12 percent to HK$28.15 at the close of trading in Hong Kong, while the benchmark Hang Seng Index gained 0.7 percent. Its Shenzhen- traded stock rose 3.1 percent.
The Shenzhen, China-based company said it may earn first- half net income of 400 million yuan($65 million) to 500 million yuan, up from 16.3 million yuan a year earlier, according to a filing to the city’s stock exchange yesterday. First-quarter profit gained 316 percent to 112.4 million yuan as sales increased 9.8 percent to 12.9 billion yuan.
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