Home Stock list Great Wall Motor shares in China soar 16% on earnings; President’s...

Great Wall Motor shares in China soar 16% on earnings; President’s fortune earns $ 2 billion

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Shares of Great Wall Motor, China’s largest SUV maker, climbed 16% to a six-year high in Hong Kong on Wednesday after the company said its net profit in the first six months of 2021 was more that tripled over the previous year.

The Baoding-based manufacturer said its net profit soared to 3.49 billion yuan, or 539 million yuan, from 1.15 billion yuan, on operating income which rose 73% to 62, 1 billion yuan. Great Wall said earlier this month that first half deliveries were up 56% from a year ago to 618,211 vehicles, helped by gains in the SUVs and the Ora sedan.

China is the world’s second-largest economy and the largest automotive market. GDP grew 7.9% in the second quarter compared to the previous year against a backdrop of continued recovery from the global pandemic.

The jump in Great Wall stocks added $ 2.1 billion to the fortune of Great Wall chairman Wei Jianjun, which is now worth $ 24 billion on Forbes’ list of real-time billionaires and ranks ranked 71st in the world.st richest person.

Great Wall plans to invest 100 billion yuan, or $ 15.4 billion, in clean-energy smart cars over the next five years, according to an announcement made earlier this month.

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@rflannerychina


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