BUZZ-China's BYD hits record high on report co holds mining rights in Brazil's Lithium Valley

Reuters
02-14
BUZZ-China's BYD hits record high on report co holds mining rights in Brazil's Lithium Valley

** Hong Kong-listed shares of Chinese electric carmaker BYD Co 1211.HK jump 8.1% to an all-time high at HK$366.4

** Shenzhen-listed stock 002594.SZ rises 5.4% to a record high of 359.6 yuan

** BYD acquired mineral rights for two plots of land in a lithium-rich part of Brazil in 2023, entering the mining business in its biggest market outside of China, according to public records reviewed by Reuters

** The EV producer's acquisition of mineral rights in Brazil is its most concrete step so far toward mining strategic minerals in the Western Hemisphere

** Meanwhile, HSBC maintains "buy" rating on the stock and lifts target price of the Hong Kong shares to HK$389 from HK$355, and Shenzhen stock to 369 yuan from 337 yuan on the back of higher volume outlook on roll-out of new models with autonomous driving functions

** UOB Kay Hian upgrades BYD rating to "buy" from "hold" after the company announced plans to equip all its EVs with DiPilot ADAS, making smart driving technology available even in budget models

** Hang Seng Tech Index .HSTECH surges 3.1%, Hang Seng Index .HSI rises 2.2%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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