Barclays buys more BYD shares

13:25, October 23, 2009      

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Barclays, the UK's third-largest bank, has purchased 32.33 million shares of BYD Co. for 78.15 HKD per share. Barclays now holds 5.41 percent of BYD's circulating shares in the Hong Kong Stock Exchange.

Analysts pointed out that Barclays' decision showed the investment banks' high expectations for new energy vehicles.

BYD Co. is China's biggest rechargeable battery producer and a leading new energy vehicle maker. BYD stock has continued to rise since Warren Buffett bought a 1.8 billion HKD stake of the company last September. BYD closed on 83.6 HKD on October 22, ten times higher than one year ago. Buffett has made a 17 billion HKD paper profit from his deal.

By People's Daily Online
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