BYD closed yesterday at HK$61.85, having suffered a three-day decline from a peak of HK$71.95. However, it still has a market capitalisation of HK$140 billion, bigger than that of CLP Holdings, as Berkshire's stake has surged to be worth almost HK$14 billion.

It has been a swift journey for a company that has established itself as China's most prominent maker of electric cars amid mounting global awareness of environmental protection.

That was precisely why Buffett's business partner Charlie Munger and Mid-American Energy chairman David Sokol chose BYD in the first place, although the Shenzhen-based firm has sold only about 50 electric cars so far.

We doubt anyone could have foreseen BYD experiencing turbocharged growth so soon. The company, the name of which is an acronym for 'Build Your Dream', made its debut on the Hong Kong stock exchange at HK$10.95 in July 2002. It was then the country's biggest maker of rechargeable batteries for mobile phones.

Six months after listing, chairman Wang Chan-fu did a deal to acquire Shaanxi-based Xian Zhen Chuan Automobile for 269.5 million yuan (HK$305.88 million), immediately drawing flak from investors, who dumped the shares, causing them to collapse 20 per cent to HK$3.80.

BYD's acquisition eventually came good, and the rest is history. Thanks to the Buffett effect, shares have doubled in the third quarter and are up 387 per cent year to date, prompting brokerages to coin a new name for the company: 'Beyond Your Dreams'.

There has been talk of Berkshire raising its stake, but the company has denied it. Who would put money into, rather than take it out of an investment that has soared seven times in a year?

Cheng stays in the saddle

Vincent Cheng Hoi-chuen appeared to be the loser in the latest HSBC reshuffle of senior management, but he has actually secured more years on his contract.

The first ethnic Chinese chairman of Hongkong and Shanghai Banking Corp is to hand over his post to group chief executive Michael Geoghegan next February but will stay on as HSBC Taiwan and HSBC China chairman and retain his seat on the board.

Cheng (left), 61, was widely expected to step down as Hongkong and Shanghai Banking Corp chief next year, because the bank's taipan doesn't usually stay on beyond 60 - good luck to Geoghegan, who is 56.

Observers said Cheng would likely remain with the bank he has served for 31 years in some ceremonial post ahead of its much anticipated mainland listing.

If that's so, then the economist, who is close to HSBC Holdings chairman Stephen Green, would seem to be rewarded much better for his loyalty than former colleague Raymond Or Ching-fai, who retired as Hang Seng Bank chief executive earlier this year after reaching 60. He is now vice-chairman of Indonesian miner G-Resources Group.

Fleet-footed flacks

Communications people are quick on their feet - figuratively and, in the case of Hang Seng Bank, literally.

Senior editorial services manager Alison Shaw was the top female runner in Sunday's Inter-Hong race at the Peak, beating competitors from 13 companies in the annual race hosted by HSBC. Shaw finished the 3.5 kilometre course in 14 minutes.

The previous Sunday, Hang Seng's head of corporate communications Walter Cheung ran the Berlin Marathon along with some of the world's top athletes, including the legendary Haile Gebrselassie, who won the event for the fourth consecutive year.

Bluer skies for Golden Harvest

A new name has meant a fresh start for Golden Harvest Entertainment. We noted that the movie distributor, which changed its name to Orange Sky Golden Harvest last month, has enjoyed a good run while most other stocks have had to settle for consolidation.

Orange Sky is up 61 per cent in the past month, closing at HK$5.09 yesterday, up 9.5 per cent on the day. However, the stock is still down 11 per cent so far this year.