Market opener: BYD in focus as 1H earnings tumbles 94%
The company, in which Buffett's MidAmerican Energy Holdings Co. holds 10 per cent stake, said late on Monday that net profit dived 94 per cent to 16.3 million yuan from a year earlier, blaming intensifying industry competition.
It said falling sales meant profit would continue to fall in the third quarter. BYD's share price has lost 21 per cent year-to-date and closed at HK$13.36 on Monday. Investors have cut holdings of the stock after questions about quality were raised after a car crash in Shenzhen in May.
No agreement has been reached between Wu and its current chairman, NVC said last night. The stock has more than doubled since it resumed trading on August 15, closing at HK$1.52 on Monday. NVC is due to report interim results later in the day.
Overnight, The Standard & Poor's 500 Index edged down 0.1 per cent, to 1410.44. German's DAX gained 1.1 per cent to close at 7,047 on speculation that Europe would push ahead with further easing measures to revive the euro zone economy.
The benchmark Hang Seng Index fell 0.41 per cent to 19,798.67 on Monday after the mainland market tumbled to a 41-month low.