By Yifan Wang
BYD Co. Ltd. (002594.SZ) shares jumped in morning trade after a Chinese official said the government will not significantly cut electric-vehicle subsidies this year.
Shares of China's largest new-energy car maker surged as much as 10% on the Shenzhen Stock Exchange, while its Hong Kong-listed shares rose as much as 11% within an hour of trading.
On Saturday, Miao Wei, China's minister for industry and information technology, said at a trade conference that state subsidies for new-energy car purchases will stabilize this year.
In the second half of 2019, Chinese electric-vehicle sales slumped following a steep subsidy cut.
At the end of last year, BYD's Hong Kong shares were down 31% from their 2019 peak.
Write to Yifan Wang at email@example.com