EV-maker BYD seeks to raise $5.2 billion with share sale

Chinese electric vehicle maker BYD has launched a sale of its Hong Kong shares to raise up to $5.2 billion via an accelerated book-building, according to a deal term sheet seen by Reuters on Monday.

The company has set a price range of HK$333–HK$345 per share for the offering, representing an up to 8.4% discount compared to the stock market’s closing price of HK$363.60 on Monday.

The offering is expected to be priced on Monday, the term sheet said.

BYD did not immediately respond to a Reuters’ request for comment.

The company plans to use the proceeds to invest in research and development, expand overseas businesses, supplement working capital, and for general purposes.

The deal adds to a sharp pickup this year in share offering momentum in Hong Kong, the preferred destination for Chinese companies looking to raise offshore capital, as investors bet on a possible recovery in China’s economic growth.

Shares of China’s largest bubble tea and drinks chain, Mixue Group, jumped more than 47% in their debut on the Hong Kong Stock Exchange on Monday, with new listings in the city recording their strongest start to a year since 2021.

The stellar start reinforces hopes for a strong year in new equity issuances by Chinese companies in Hong Kong, as Beijing steps up support for its private enterprises to revive a slowing economy amid heightened geopolitical tensions.

The fundraising comes amid a hectic pace of hiring and expanding to other markets for BYD.

BYD plans to hire 20,000 employees in Zhengzhou in the first quarter as it boosts production capacity, government-run Henan Daily reported last month.

The company also aims to complete its $1 billion plant in Indonesia at the end of 2025, the head of its local unit said in January.

BYD, which overshot its global sales target to more than four million units sold last year, opened its first EV plant in Southeast Asia in Thailand in 2024, worth $490 million and which has a production capacity of 150,000 units per year.

—Scott Murdoch, Reuters

https://www.fastcompany.com/91288812/ev-maker-byd-seeks-raise-5-2-billion-with-share-sale?partner=rss&utm_source=rss&utm_medium=feed&utm_campaign=rss+fastcompany&utm_content=rss

Létrehozva 4mo | 2025. márc. 3. 16:50:05


Jelentkezéshez jelentkezzen be

EGYÉB POSTS Ebben a csoportban

PBS chief Paula Kerger warns public broadcasting could collapse in small communities if Congress strips federal funding

As Congress moves to make massive cuts to public broadcasting this week, Paula Kerger, president and CEO of the Public Broadcasting Service (PBS), gives an unflinching look at the organization’s f

2025. júl. 9. 14:30:04 | Fast company - tech
These personality types are most likely to cheat using AI

As recent graduates proudly showcase their use of ChatGPT for final projects, some may wonder: What kind of person turns to

2025. júl. 9. 14:30:04 | Fast company - tech
Samsung fixed everything you hated about foldable phones—except the price

Just over a month ago, Samsung did something strange to start hyping up its next foldable phone announcements.

Those phones, which Samsung revealed today, are officially called the Samsu

2025. júl. 9. 14:30:04 | Fast company - tech
Tesla stock is tanking. Could shareholders fire Elon Musk?

It’s not a great time to be a Tesla shareholder. While the stock was up 2.5% in midday trading on Tuesday, July 8, it remains down for the month and has

2025. júl. 9. 12:10:05 | Fast company - tech
‘The /r/overemployed king’: A serial moonlighter was exposed for holding 19 jobs at Silicon Valley startups

A software engineer became X’s main character last week after being outed as a serial moonlighter at multiple Silicon Valley startups.

“PSA: there’s a guy named Soham Parekh (in India) w

2025. júl. 8. 22:20:04 | Fast company - tech
Texas flood recovery efforts face an unexpected obstacle: drones

The flash floods that have devastated Texas are already a difficult crisis to manage. More than 100 people are confirmed dead

2025. júl. 8. 17:40:02 | Fast company - tech