Li Shufu increases holdings of Geely Auto with about HKD 600m for consecutive two days

Data shows that Li Shufu increases holdings of Geely Auto of 28.39m shares and 37.39m shares on December 6th and 7th respectively, with a price of HKD 7.85 and 8.19. His total shareholding ratio increases to 43.34% on December 7th. Share prices of Geely Auto grow 3.24% and 4.27% respectively on December 6th and 7th. Yesterday, the closing price of Geely Auto reaches HKD 7.83, increasing 0.38%.

Geely Auto released its November sales data on December 5th, showing Geely’s monthly sales data exceeds 100,000 units for the first time to a number of 102,422 units and increases 99% with the same period of last year. Geely’s total sales from January to November reach 657,621 units and increase 44% with the same period of last year, accomplishing 94% of the latest annual target. Geely Auto raises its annual sales target twice this year, from the 600,000 units at the beginning of year to 700,000 units.

Reporters learn that Geely Auto expect that its sales in domestic market would exceed 720,000 units this year. Limited capacity has restricted its sales volume to some degree in 2016, and Geely management team predicts that the growth would reach a two-digit number when the problem of limited capacity is solved.

An Conghui, President of Geely Auto, said that, “Geely would rank top 10 global auto brands in 2020, becoming the most competitive and respective Chinese auto brand. We will reach the annual sales volume of 2m units in 2020.”

Therefore, Geely Auto would expand the dealership network. Reporters learn that the network will expand to 1,750 dealerships in 2020.