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Geely Group denies cutting stake in Daimler AG

chinadaily.com.cn | Updated: 2019-01-11 16:37

The production plant of Zhejiang Geely Holding Group at Ningbo, Zhejiang province. [Photo provided to China Daily]

Geely Group denies a report saying the company cut a 5.4 percent stake in Daimler AG on Jan 11, the Tencent-backed news portal qq.com reported.

Earlier today, a Bloomberg report said the Geely Group had cut its 9.7 percent stake in Daimler AG by more than half after less than a year after the company made what was the biggest overseas acquisition by a Chinese automaker.

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