(Yicai Global) July 9 -- Shares in Zhejiang-based automaker Geely Auto plunged this morning after the firm announced a 40 percent drop in its estimated first-half profit, which came in at CNY4 billion (USD580 million) this year.

Its shares [HK:0175] opened 7 percent lower today at HKD11.44 (USD1.46) in their biggest daily drop since May 6, but bounced back afterward, trading at HKD11.72 at 10.11 a.m., down only 3.62 percent.

Editor: Ben Armour