BYD's Q1 net profit fell by over 80 percent year-on-year due to slowdown in automobile businesses.

Buffet-backed BYD booms in Shenzhen debut

首季净利暴跌比亚迪今上市

Shares of China's BYD Co., a private automaker backed by billionaire Warren Buffett, rose by 22.22 percent on Thursday in its debut on the Shenzhen stock exchange despite weak first quarter earnings.

The Shenzhen-based carmaker announced Wednesday its first quarter net profits dropped 84.35 percent on an annual basis to 266 million yuan. In a filing with the Hong Kong stock exchange, where BYD is already listed, the company attributed its poor performance to a slowdown in car sales.

The profit drop was "mainly due to a decline in automobile sales volume and revenue as a result of the cessation of preferential tax policy on automobile purchases and intensifying market competition," BYD said in a statement.

Operating revenue fell 11.6 percent from a year earlier to 11.71 billion yuan.

BYD shares in Hong Kong dropped 4.99 percent to close at HK$23.8.

BYD sold 79 million shares at 18 yuan per share in its initial public offering in Shenzhen. The company raised a total of 1.422 billion yuan, 35.13 percent lower than the previously estimated 2.192 billion yuan.

今日，亿万富翁巴菲特看好的比亚迪在深圳证券交易市场中小板正式挂牌上市，虽然比亚迪昨天公布的一季度业绩差强人意，其开盘仍大涨22%。

昨日比亚迪在港公布的2011年一季度财务数据显示，比亚迪一季度净利润同比为2.66亿元人民币，同比下降84.35%。对于业绩大幅下降，比亚迪称，是由于汽车销量的下降。

利润的下降“主要是由于购置税政策的取消及市场竞争的加剧导致汽车销量及收入下降”，比亚迪在公告中称。

比亚迪一季度营业收入117.1亿人民币，同比下滑11.6%。

昨日,比亚迪在港股价报收于23.8港元，下跌4.99%。

资料显示，比亚迪此次A股发行价为18元/股，融资额为14.22亿，比此前预计募资21.92亿元锐减了35.13%。