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BYD Shares Drop After Report Officials Probing Factory Emissions

By Clarence Leong

 

Shares of BYD Co. fell in early Asian trade Monday following a media report that Chinese authorities are looking into emissions from one of the car maker’s factories.

BYD’s Shenzhen-listed stock opened 4.6% lower on Monday. It ended the morning session 3.4% lower at CNY233.90, taking its year-to-date loss to 13%. Peers SAIC Motor Corp., Great Wall Motor Co. and Guangzhou Automobile Group Co. were between 1.9% and 2.6% lower amid broad A-share weakness.

The drop came after officials in the city of Changsha in central China’s Hunan province set up a team to investigate gaseous emissions at a BYD factory in response to residents’ concerns, according to a report by municipal newspaper Changsha Evening News on Sunday. State-backed Securities Times on Monday said residents beginning Saturday had complained about the emissions online.

BYD said in a social media post over the weekend that its factory follows relevant national regulations and standards and it had taken measures to tackle “a potential odor situation” in residential areas near the factory.

It added that messages circulating online suggesting that “emissions have exceeded limits and led to nosebleeds” are a “malicious fabrication,” and said it had reported the matter to the police.

 

Write to Clarence Leong at [email protected]

 

(END) Dow Jones Newswires

May 09, 2022 00:26 ET (04:26 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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