BYD to Buy Back $28 Million Shares to Boost Investor Confidence
- Stock price slid over 10% in Shenzhen and Hong Kong last month
- Market leader faces growing competition in China’s EV sector
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BYD Co. plans to buy back 200 million yuan ($27.9 million) worth of its Shenzhen-listed shares, according to a stock exchange filing Wednesday.
The move is intended for purposes including employee incentives or reducing registered capital, and aims to lift investor confidence and stabilize the firm’s value, Chairman and Chief Executive Officer Wang Chuanfu said in the filing.