Executives at BYD have increased their holdings in the company, signaling confidence in its long-term prospects following a period of declining stock prices.
According to a company announcement on Wednesday, several senior executives, including vice presidents and senior vice presidents, purchased BYD A-shares on the Shenzhen stock exchange this month, totaling approximately RMB 52.3 million ($7.3 million).
Senior vice president Luo Hongbin, CFO Zhou Yalin, senior vice president Yang Dongsheng, vice president Luo Zhongliang, and vice president Li Wei collectively acquired 221,800 shares worth RMB 23.6 million between September 1 and 9. An additional 32 core personnel increased their holdings by 266,400 shares, valued at RMB 28.7 million.
The combined purchases of 488,200 shares raised the executives’ total stake in BYD from 0.0215 percent to 0.0269 percent. BYD said the move reflects management’s confidence in the company’s future development, recognition of its intrinsic value, and continued optimism regarding long-term investment potential in China’s capital markets.
BYD shares have fallen roughly 20 percent on the Shenzhen exchange since May 23 amid slowing growth in new energy vehicle (NEV) sales. Shares were largely unchanged in both Shenzhen and Hong Kong at Tuesday’s market close.