BYD says Wang Chuanfu did not directly invest in CXMT

BYD has responded to market attention around its connection to CXMT, saying founder Wang Chuanfu did not make a direct personal investment in the company. Li Yunfei, general manager of BYD Group’s brand and public relations department, said all BYD investments are made directly by BYD Co., Ltd. He added that the company does not manage third-party funds or the personal funds of its executives. On that basis, Wang did not directly invest in CXMT in his personal capacity. According to Li, BYD Co., Ltd. took part indirectly in CXMT’s Series A financing in December 2020 through an investment in Guangdong Yifang Changda Venture Capital Partnership (Limited Partnership). The report was cited by Odaily and attributed to National Business Daily.