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BUZZ-Geely Auto slips after chairman says co not to expand production

Reuters
06-09
BUZZ-Geely Auto slips after chairman says co not to expand production

** Shares of Geely Automobile 0175.HK slip 4% to HK$17.22, on course for the biggest one-day pct decline since May 26

** Stock hit the lowest since May 30, on track for the third straight session of fall

** Geely's chairman and founder Li Shufu said on Saturday that the global automotive industry was facing "serious overcapacity" and that the Chinese automaker had decided not to build new manufacturing plants or expand production in existing facilities

** Geely Holding owns multiple automotive brands, including Geely Auto, Zeekr ZK.N and Volvo VOLVb.ST

** Hang Seng Automobile Index .HSAMI climbs 0.5%, Hang Seng Index .HSI rises 1%

** YTD, stock up 18.9%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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