Li Ka-shing doubles down on electric cars

(Oct 30): Billionaire Li Ka-shing agreed to buy shares in O Luxe Holdings for the second time in a month, a deal that would make Hong Kong’s richest man the second-largest investor in the owner of an electric-car maker. Shares of O Luxe rose.

Goldrank, a wholly-owned subsidiary of Li Ka Shing (Overseas) Foundation, agreed to buy 100 million shares at HK$1.60 (28 cents) each from O Luxe’s chairman, according to a statement to the Hong Kong Stock Exchange on Monday. The price was 8% below the stock’s last close.

Still, O Luxe rallied as much as 6.3% in Hong Kong trading on Monday -- and have more than doubled this year -- as the company continued to attract the interest of one of the region’s most famous businessmen. Though a distributor of jewelry and watches by trade, O Luxe recently bought control of closely held Japanese electric-car maker GLM Co., which has plans to license its technology to other manufacturers including those in China.

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