Shares of China’s Geely slide more than 6pc
HONG KONG, Aug 22 – Shares of Geely Automobile Holdings fell more than 6 per cent today, their biggest drop in five months, after the Chinese car maker reported that higher-than-expected government subsidies buoyed its first-half earnings, offsetting weak domestic sales.
The shares fell to as low as HK$2.54 today, lagging a 1 per cent decline in Hong Kong’s benchmark Hang Seng Index.
Geely today reported an 8.7 per cent rise in first-half profit as it shipped more cars overseas. – Reuters