Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Geely Falls After Goldman Sachs Sells Stake: Hong Kong Mover

Geely Falls After Goldman Sachs Sells Stake
An employee works on an Emgrand 7 series automobile production line at Geely Automobile Holdings Ltd.'s factory in Cixi, China. Photographer: Nelson Ching/Bloomberg

Nov. 29 (Bloomberg) -- Geely Automobile Holdings Ltd. fell the most in three months in Hong Kong trading after Goldman Sachs Principal Investment Area sold shares at a 7.8 percent discount.

The Volvo Car affiliate fell as much as 4.5 percent, the most on a closing basis since Aug. 22, to HK$3.51 and traded at HK$3.49 as of 10:45 a.m. local time. Goldman Sachs Principal Investment Area sold 600 million shares at HK$3.30 each, the low end of a marketed price range, according to a person with knowledge of the matter. The Standard newspaper reported that the fund was seeking to sell shares earlier today.

Geely shares more than doubled this year, while Hong Kong’s benchmark Hang Seng Index rose 18 percent. The Zhejiang, China-based automaker sold bonds convertible into 908.4 million new shares at HK$1.90 apiece and warrants transferrable into 299.5 million new shares to a fund managed by Goldman in September 2009.

“I think Goldman is selling 600 million shares from a combination of the convertible bonds and the warrants,” said Steve Man, a Nomura Holdings Inc. analyst in Hong Kong with a buy rating on the stock. “It’s a pretty good return for them over the last three years.”

Lawrence Ang, executive director at Geely, didn’t reply to an e-mail seeking confirmation and details of the sale.

Geely, which has targeted becoming China’s biggest car exporter in two years, reported profit increased 8.7 percent in the first six months of the year and forecast a “more challenging” second half on rising competition.

To contact Bloomberg News staff for this story: Billy Chan in Hong Kong at; Stan James in Hong Kong at

To contact the editor responsible for this story: Young-Sam Cho at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.