Shares in Geely Car, the China automaker controlled by billionaire Li Shufu, fell 3% in Hong Kong to a close to 18-month low yesterday after the company said its shipments dropped 32% in February from a year earlier to 21,415 vehicles.
For the 1st 2 months of the 12 months, Geely’s shipments declined an even steeper 42% to 54,850 units.
Geely attributed the fall to a slack export season, a reshuffling of its advertising method and a solution upgrading cycle. The company’s shares have misplaced a third of their worth in the previous 12 months.
The figures come amid worries in China about the country’s export outlook. Exports dropped 18.one% in February from a year earlier, and slid 1.6% for the 1st 2 months of the yr. Early-12 months trade figures are distorted, nevertheless, by the Chinese New Yr holiday.
China’s currency has been sliding against the U.S. dollar of late on considerations about inflation and exports.
Li ranked No. 973 on the 2014 Forbes Billionaires List published this month with wealth of $ 1.85 billion.
– Follow me on Twitter @rflannerychina