February 13, 2017 / 3:31 AM / 7 months ago

BUZZ-Chinese automaker Geely extends gains as strong FY results expected

** Chinese automaker Geely Automobile Holdings Ltd rises as much as 5.2 pct to HK$10.60 after the stock was included in the benchmark index, raising prospects of more inflows from passive funds

** Stock up 50 pct since mid-December and outperformed index by wide margin

** Company, seen as frontrunner among Chinese automakers looking to diversify abroad, says January sales already more than 10 percent of projected 2017 volume target

** On Jan. 6, the company said it expected to record a more than 100 percent increase in 2016 net profit due to significant increase in sales; results are due in March 2017

** Chinese carmaker, which owns Volvo, looking to expand footprint in South East Asia to take advantage of growing demographics, according to Henry Soediarko, an analyst with Singapore-based fintech company Smartkarma; recent reports have cited Geely as frontrunner for tie-up with Malaysia’s Proton

** Chairman Li Shu Fu purchased 165 million shares from Dec. 6 to Dec. 9 at HK$7.85-HK$8.37 per share, cited by some analysts a trigger for the stock rally

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