HONG KONG: Geely shares trading again
The Hong Kong-listed unit of Chinese auto group Geely resumed trading on Tuesday afternoon, after it confirmed strong car sales figures announced a day earlier.
According to news agency AFP, Geely Automobile Holdings, which suspended trading in its shares on Tuesday morning, said in a filing to the Hong Kong Stock Exchange that statements made by its executive director Lawrence Ang to the media after a shareholders' meeting Monday were "accurate."
The suspension this morning was made at the stock exchange's request to clarify information released on Monday, according to Reuters.
Ang on Monday told media the company had set a sales target of 400,000 vehicles for 2010, year on year growth of about 33%, sending the shares up.
The group had sold around 250,000 vehicles in the first 10 months of this year, meeting its sales target, Ang said, according to AFP.
He also said the listed Geely company would be interested in Volvo's Chinese operations if its parent company was successful in acquiring the Swedish carmaker, Dow Jones Newswires reported earlier.
Ang has also said his company is looking out for potential acquisitions, especially makers of car engines.
The company's confirmation of strong car sales Tuesday sent its share price up 6% to HK4.59 (US$0.59) shortly after it resumed trading at 0630 GMT (0130EST).
Other reports had said Ford chose Zhejiang Geely Holding Group, Geely Automobile's unlisted parent, in October as its preferred bidder for money-losing Volvo.
Geely said last month it had reached an agreement with Ford to buy the intellectual property rights to Volvo's key technologies, including those related to safety and the environment.
Geely's shares had ended Monday up 6.1% at HK$4.08, Reuters noted.