Geely automobile raised HK$6.48bn (US$836m) from a primary share placement last Thursday for business development and general working capital.The Chinese carmaker, which is merging with its sister company Volvo Cars, said in an announcement that the placement would help broaden its shareholding and capital base as it prepares for uncertainties in the foreseeable future.A research report from Daiwa, citing Geely's management, said the share placement came as China-US tensions have intensified, particularly after the National People's Congress last week approved a proposal to impose a controversial national security law in Hong Kong to tighten control of the city.
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