BYD boss doubles share buyback plan

BYD (1211) chairman Wang Chuanfu doubled the amount of his proposed buyback of the company's shares in the A share market to 400 million yuan (HK$440.3 million).

The automaker aim is to reduce the company's registered capital. The repurchase will be conducted through centralized price bidding and financed by its own funds, according to its notice.

The chairman repurchased the company's A shares with the funds amounting to 200 million yuan in December, which was said to be used for an employee share ownership plan, equity incentive plan or reduction of registered capital.

The company said the buyback could better safeguard the interests of shareholders and enhance investor confidence.

Its H share price has dropped 11.5 percent to HK$185.2 this year, while its A share price has fallen 5.6 percent.