Hong Kong billionaire invests in EVs

Following yesterday’s report that the Government of China will move to ban sales of vehicles powered by internal combustion engines, Hong Kong’s richest man has moved to invest in EVs. Billionaire Li Ka-shing agreed to buy an indirect stake in a Japanese maker of electric cars, expanding his investments in areas set to benefit from China’s push to phase out petrol and diesel vehicles, Bloomberg reports. Li and two other investors are buying a stake in O Luxe Holdings, a distributor of watches and jewellery. O Luxe is in the midst of acquiring Japan’s GLM, a manufacturer of high end EVs that plans to license its technology to Chinese manufacturers. Sales of electric vehicles have surged in China, the world’s largest car market, on the back of state subsidies. Global manufacturers have boosted their lineups of non-emission cars, and the demand has attracted investments from many startups as well as companies from outside the industry. News of Li’s investment in O Luxe helped send the company’s shares surging as much as 6.1 per cent to HK$1.74 (31c), the highest intraday price since June 2013.