February 26, 2018 / 2:01 AM / 4 months ago

Geely Auto shares surge on news of chairman's stake in Daimler

HONG KONG, Feb 26 (Reuters) - Geely Automobile Holdings Ltd shares jumped as much as 8.8 percent after its chairman Li Shufu said he had built up a near 10 percent stake in Germany’s Daimler - a $9 billion bet that he can access the Mercedes-Benz owner’s technology.

The stock surged as high as to HK$26 in early trade, its highest level since Jan. 24. That compared with a 0.8 percent rise in the benchmark Hang Seng Index.

Li is expected to meet Daimler executives in Stuttgart on Monday, a source familiar with the matter has said, and hopes to meet top German government officials in Berlin. (Reporting by Donny Kwok; Editing by Edwina Gibbs)

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