SPONSOR
HONG KONG (Reuters) – Shares in Chinese motorcycle maker Zongshen Power Machinery (001696.SZ) extended gains on Tuesday despite a denial by the company over media reports that U.S. investor Warren Buffett had shown interest in the company.
Zongshen had no contact with Buffett and had not held any discussions related to his possible investment in the company, the company said in a statement to the Shenzhen stock exchange late on Monday.
“The company also guarantees that in the next six months, it will not have any cooperation with Buffett on investment in new energy motorcycles,” the statement said.
A rumor that Zongshen Chairman Zuo Zongshen will visit the United States to meet Buffett on January 25 saw the company’s shares climb by their 10 percent trading limit on Monday.
Zongshen did not deny a meeting between Buffett and Zuo but quoted company secretary Huang Peiguo’s reply to media queries that he was not responsible for Zuo’s overseas visits and was not sure who he would meet.
The stock hit a two-year high of 21.98 yuan on Tuesday before steadying at 21.18 yuan, up 5.4 percent at 0146 GMT.
Buffet’s Berkshire Hathaway (BRKa.N) (BRKb.N) previously bought a 10 percent stake in electric car and battery maker BYD Co (1211.HK), sending the stock up more than seven-fold over the last year.
(Reporting by Alison Leung; Editing by Chris Lewi
Share Investor Blog – Stockmarket & Business commentary
Share Investor New Zealand Business News– Get more business news
Discuss this topic @ Share Investor Forum – Register free
Share Investor’s Daily Forex Updates
Recommended Amazon Reading
 |
The Snowball: Warren Buffett and the Business of Life by Alice Schroeder Buy new: $13.60 / Used from: $11.94 Usually ships in 24 hours |
 |
The Essays of Warren Buffett: Lessons for Corporate America, Second Edition by Warren E. Buffett Buy new: $26.01 / Used from: $29.93 Usually ships in 24 hours |
