BYD CEO Wang Chuanfu yields over 25m shares in the company

Gasgoo.com (Shanghai June 18) - BYD officially announced that its controlling shareholder, Chairman and CEO Wang Chuanfu, has announced that he will yield part of his shares in the company, yicai.com reported today. Mr. Wang yielded 25.65 million shares, equivalent to a 1.04% stake in the company, on the Shenzhen Stock Exchange. With the current stock valued at 68.06 RMB ($11.1) per share, Mr. Wang has yielded approximately 1.75 billion RMB ($285.41m).

Mr. Wang currently owns 544.98 million shares in BYD, equivalent to a 22.01% stake in the company. This means that Mr. Wang is still the company’s largest stockholder. Mr. Wang, who stated he is optimistic in the company’s future, made the decision in order to help facilitate BYD’s move to offer stocks for its staff.

Earlier this April, BYD released a draft where it would offer up to 32.66 million shares in the company to its staff. By getting the company’s staff to hold stocks of their own, BYD hopes to further motivate them and help further strengthen itself.

BYD has been working to accelerate its energy vehicle sales. Over the first quarter of the year, BYD reported total revenue of 15.3 billion RMB ($2.49b), representing positive year-on-year growth of 30.35%. The company’s net profits for the time period totaled 121 million RMB ($19.73m), over nine times the amount it earned a year ago.