Geely Auto shares surge on news of chairman’s stake in Daimler

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HONG KONG (Reuters) – Geely Automobile Holdings Ltd (0175.HK) shares jumped as much as 8.8 percent after its chairman Li Shufu said he had built up a near 10 percent stake in Germany’s Daimler (DAIGn.DE) – a $9 billion bet that he can access the Mercedes-Benz owner’s technology. The stock surged as high as to HK$26 in early trade, its highest level since Jan. 24. That compared with a 0.8 percent rise in the benchmark Hang Seng Index .HSI. Li is expected to meet Daimler executives in Stuttgart on Monday, a source familiar with the matter has said, and hopes to meet top German government officials in Berlin. Reporting by Donny Kwok; Editing by Edwina GibbsOur Standards:The Thomson Reuters Trust Principles.
Source: Reuters