Orbis Investment Management (Orbis) added to their stake in HK-listed Dongfeng Motor Group (Dongfeng). According to a filing made to the Hong Kong Stock Exchange on March 27th, 2017, the firm bought 820,000 shares on the exchange at an average price of HKD 9.056 per share on March 22nd (total consideration was ~US$956,000). Following the purchase, their stake in Dongfeng increased from 5.98% to 6.01% of the company’s shares outstanding.
Dongfeng is principally engaged in the manufacture and sale of automobiles, engines and other automotive parts and rendering of financing services. The company is headquartered in Wuhan, China and its parent company is the Dongfeng Motor Corporation, a state-owned enterprise. Dongfeng went public on the Hong Kong Stock Exchange in December 2005.
Orbis is a privately-held, global investment manager offering equity and absolute return funds. Assets under management are currently ~US$30bn. They invest with a value-oriented, contrarian and long term approach. The firm was founded in 1989 by the South African investor Allan Gray.