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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Geely Automobile Holdings Ltd    0175   KYG3777B1032

GEELY AUTOMOBILE HOLDINGS LTD

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China's Geely says it has not sold Daimler shares, denies Bloomberg report

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01/11/2019 | 06:00am EDT
FILE PHOTO: Geely automobile maker logo at the IEEV New Energy Vehicles Exhibition in Beijing

BEIJING/SHANGHAI (Reuters) - China's Geely Group said it has not sold any shares in Daimler, denying a Bloomberg report that the Chinese firm had slashed its 9.7 percent stake in the German carmaker by more than half.

"As a long-term investor, Zhejiang Geely Holding has not sold any shares. The Daimler shareholding remains unchanged," a Hangzhou-based spokesman for Geely told Reuters on Friday.

Bloomberg reported that Chinese billionaire Li Shufu's Geely had sold a 5.4 percent stake, citing people familiar with the matter, but that the new owners of the shares were not known.

The report comes as Morgan Stanley disclosed in a filing on Thursday that it had increased its Daimler stake to 5.39 percent from 0.34 percent on Jan. 4. According to Bloomberg, Morgan Stanley is holding the shares on behalf of others.

Daimler and Morgan Stanley declined to comment on the Bloomberg report.

Li had picked up the 9.7 percent stake in Daimler in 2018, asking the maker of Mercedes-Benz cars to strike up an alliance to better counter the threat from upstart mobility companies.

His move rekindled German fears about high-tech know-how falling into Chinese hands and Daimler had initially balked at the prospect of an alliance, partly on fears it might alienate Mercedes' existing Chinese partner BAIC.

But the companies have remained in talks about areas of potential cooperation and in October announced they would set up a ride-hailing joint venture in China.

(Reporting by Yilei Sun in Beijing, Brenda Goh in Shanghai, Edward Taylor and Arno Schuetze in Frankfurt; Additional Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Himani Sarkar)

Stocks mentioned in the article
ChangeLast1st jan.
BAIC MOTOR CORP LTD -1.06% 4.66 End-of-day quote.11.48%
DAIMLER AG -1.01% 51.21 Delayed Quote.12.66%
GEELY AUTOMOBILE HOLDINGS LTD -2.35% 14.1 End-of-day quote.3.37%
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Financials (CNY)
Sales 2018 109 B
EBIT 2018 14 572 M
Net income 2018 12 987 M
Finance 2018 15 005 M
Yield 2018 2,55%
P/E ratio 2018 8,47
P/E ratio 2019 7,97
EV / Sales 2018 0,86x
EV / Sales 2019 0,77x
Capitalization 108 B
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Mean consensus OUTPERFORM
Number of Analysts 39
Average target price 15,0  CNY
Spread / Average Target 24%
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Managers
NameTitle
Sheng Yue Gui Chief Executive Officer & Executive Director
Wen Ze Xu President
Shu Fu Li Chairman
Siu Lun Ang Executive Director
Jian Yang Vice Chairman
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