BYD Chairman lifts stake in carmaker

Chinese automaker BYD Corporation says its chairman has raised his personal stake in the firm and may buy more shares.

This is seen as a sign of confidence after the stock's record slump last week.

Wang Chuanfu, BYD's chairman, bought 1 million of BYD's Hong Kong-listed shares on Tuesday, raising his stake in the firm to some 23 percent.

It came after BYD's Hong Kong shares fell 29 percent last Thursday in record trading, suffering an unexplained slide that wiped out over 1 billion U.S. dollars of its market capitalization.

The shares have already stabilized after BYD issued statements saying the company's fundamentals remain healthy.

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