(Bloomberg) -- BYD Co. plans to buy back 200 million yuan ($27.9 million) worth of its Shenzhen-listed shares, according to a stock exchange filing Wednesday. 

The move is intended for purposes including employee incentives or reducing registered capital, and aims to lift investor confidence and stabilize the firm’s value, Chairman and Chief Executive Officer Wang Chuanfu said in the filing. 

Shenzhen-listed shares of China’s top-selling auto brand have fallen 34% since the start of February, with a 17% slump in November alone, as competition builds in the country’s electric-vehicle market. BYD also trades in Hong Kong, where it fell 12% in November. 

It is still a clear market leader, selling more than 301,000 vehicles last month, including 170,150 fully electric cars. Tesla Inc. sold 82,432 EVs in China in November. 

Read More: Tesla’s Global EV Share Sank to 13% in October: Morgan Stanley

BYD has lowered vehicle prices to maintain sales momentum as more competitors including tech companies Xiaomi and Huawei enter the market. 

BYD was up 2% in Shenzhen at 1:30 p.m. local time, in line for its biggest daily gain since Oct. 18. Its Hong Kong-traded shares rose 3.1%, the most in a month.

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