Etiqueta: Sales

Chinese electric vehicle giant BYD ($BYDDF) said it raised almost $5.6 billion in a share sale on Tuesday, driving investors to offload the stock in Hong Kong as it...

China’s leading NEV manufacturer BYD plans to place 129,800,000 new shares on the Hong Kong stock market.

Tesla rival says follow-on Hong Kong offering is the biggest in the global automotive sector in a decade

STORY: EV giant BYD said Tuesday it raised almost $5.6 billion in a share sale. That made it the biggest such listing in Hong Kong for four years. Now the Chinese firm plans to use the money to increase research and development spending and expand overseas. BYD has rapidly emerged as the country’s biggest automaker. But over 90% of its 4 million sales last year were in its home market. There it accounted for more than a third of the total shipments of electric cars and plug-in hybrids.In February alone, it launched 21 new electrified vehicles in a bid to stay competitive at home. The firm is also ramping up hiring, with a goal to sell up to 6 million vehicles this year. That would put it roughly on par with General Motors. As part of the drive, it’s ramping up export efforts, with Brazil currently its largest overseas market. Now the share sale reflects increasing optimism over the tech sector in China and Hong Kong. Sentiment has lifted following a high-level summit of top executives led by Chinese President Xi Jinping. Investors took that as a sign that the government planned to give more support to the tech sector. BYD shares were down over 6% by early afternoon Tuesday, broadly in line with the discount offered on the stock in the listing. Shares in major exporters were also under pressure following Donald Trump’s confirmation that he was pressing ahead with new tariffs, including on Chinese goods.

BYD, the Chinese electric vehicle juggernaut headed by billionaire Wang Chuanfu, intends to raise HK$43.5 billion ($5.6 billion) to deal with fierce competition at home and to expand abroad.

(Bloomberg) -- Chinese electric vehicle maker BYD Co. has raised HK$43.5 billion ($5.6 billion) after selling 10% more shares than planned, according to people familiar with the matter, in Hong Kong’s biggest share sale in nearly four years. Most Read from BloombergCuts to Section 8 Housing Assistance Loom Amid HUD UncertaintyRemembering the Landscape Architect Who Embraced the CityHow Upzoning in Cambridge Broke the YIMBY MoldNYC Office Buildings See Resurgence as Investors Pile Into BondsHong

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Chinese electric vehicle maker BYD is aiming to raise as much as 40.7 billion Hong Kong dollars ($5.2 billion) in what would be Hong Kong’s biggest share sale in nearly four years. The company is offering 118 million shares at 333 to 345 Hong Kong dollars each, according to terms of the deal seen by Bloomberg News. That implies a discount of up to 8.4 percent to BYD’s closing price on Monday, according to Bloomberg calculations. The transaction marks Hong Kong’s biggest share sale since food-del