BYD Vice President Yang Resigns From Chinese Automaker
BYD Co. (1211), the Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), said Yang Longzhong, a vice president, resigned due to unspecified personal reasons and changes in the structure at the company.
Yang has no disagreement with the board of directors and has nothing to bring to the attention of shareholders, BYD said in a Hong Kong stock exchange filing yesterday. Yang will no longer hold any position at BYD, the company said.
BYD’s American depositary receipts gained 1.2 percent to $3.45 in over-the-counter trading in New York yesterday, after five days of declines. China’s Ministry of Industry and Information Technology said yesterday that the electric-car manufacturer was one of two automakers participating in an alternative-energy vehicle pilot program.
The ADRs had fallen 7.3 percent to $3.41 on Sept. 26, bringing its drop over five days to 16 percent. On Sept. 25, CLSA Asia Pacific Markets slashed its 12-month price forecast for the Hong Kong-traded shares to 41 Hong Kong cents from HK$7.40, citing a worsening outlook for the company’s products.
Hong Kong-listed shares in BYD, which is based in Shenzhen in southern China, gained 1.7 percent to HK$13.48 yesterday. The shares dropped 9.8 percent on Sept. 26 for the biggest decline since March 6.
Yang, a founder of BYD, sold 8.43 million shares in the company in August, the 21st Century Business Herald reported on Sept. 19.
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