Li Jiacheng shares six years loss of 5 billion 100 million Wulong electric vehicle

- Dec 21, 2016-

Recently, Wulong electric vehicle (0729.HK) released 2016/17 annual report (at the end of September this year), the first half of the fiscal year Wulong electric total operating income of HK $533 million, an increase of 269.6%, loss of HK $276 million, and the first half of last year profit of HK $182 million.

 

Wulong Electric is a company engaged in new energy electric vehicles and components development, production and sales of the company. The company caused a high degree of concern in the capital market, largely due to frequent access to Li Jiacheng funds, and once said that China's new energy vehicles is one of his continued bullish market.

 

In 2010, Li Jiacheng bought 400 million shares for Wulong holding the predecessor of electric vehicle. Then gradually holdings, in August 2015 bought 743 million shares, at this time his shareholding accounted for the company issued shares of the number of 7.96%. But the end of September this year, Li Jiacheng is starting to reduce the number of shares, now reduced to 1 billion 106 million shares, the proportion of reduced to 4.93%.

 

Results showed that after years of losses, Wulong electric revenue in the first half of this year began to increase greatly, and the loss of the gap is folded.

 

The first half of the fiscal year, Wulong electric total revenue growth of 2.7 times, mainly because of the increase of bus and battery materials etc. the sales revenue of HK $460 million, and last year is not the two of sales revenue. The first half of the fiscal year the loss is mainly due to the Wulong electric vehicle is still at the beginning of mass production, so the production costs of up to HK $171 million, while sales of new energy vehicles, the formation of sales revenue increase of nearly 3 times, reached HK $43 million 700 thousand. In addition, the government subsidies for the production of new energy vehicles have not yet included in the profits.

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