FILE PHOTO: Li Shufu, founder and chairman of Zhejiang Geely Holding Group, attends the Volvo’s S90 news conference in Shanghai, China November 2, 2016. REUTERS/Aly Song/File Photo
February 26, 2018
HONG KONG (Reuters) – Geely Automobile Holdings Ltd <0175.HK> shares jumped as much as 8.8 percent after its chairman Li Shufu said he had built up a near 10 percent stake in Germany’s Daimler <DAIGn.DE> – a $9 billion bet that he can access the Mercedes-Benz owner’s technology.
The stock surged as high as to HK$26 in early trade, its highest level since Jan. 24. That compared with a 0.8 percent rise in the benchmark Hang Seng Index <.HSI>.
Li is expected to meet Daimler executives in Stuttgart on Monday, a source familiar with the matter has said, and hopes to meet top German government officials in Berlin.
(Reporting by Donny Kwok; Editing by Edwina Gibbs)
