Chinese carmaker BYD has announced that its chairman Wang Chuanfu has bought additional shares, raising his stake in the company to 23.1%.
In a statement posted on the Shenzhen and Hong Kong stock exchanges, BYD said: "Wang Chuanfu, a substantial shareholder and an executive director of the Company, has acquired 1,000,000 H shares of the Company with a nominal value of RMB1.00 each (the " H Shares ") on the market.
"The 1,000,000 H Shares acquired by Mr. Wang represents 0.1093% of the total issued H Shares and 0.0404% of the tot al issued share capital (including both A shares of the Company of RMB1.00 each ("A Share s") and H Shares in issue of the Company.
"Mr. Wang has indicated that he does not rule out the possibility of further increasing his shareholding in the Company if and when appropriate in the future."
The share purchase by Chuanfu, who also serves as BYD's president and CEO, is a sign of confidence after the stock's record slump last week, reports said.
The Warren Buffett-backed company's shares fell to 29% last week, but have since stabilized after the car maker held calls with analysts and issued statements saying the fundamentals remained healthy, reported Reuters.
