BYD Raises $5.6 Billion in Upsized Hong Kong Share Sale.
BYD Co., China's top electric vehicle maker, has secured HK$43.5 billion ($5.6 billion) in its largest share sale in nearly four years. The company sold 129.8 million shares at HK$335.20 each, confirming an earlier report and setting a 7.8% discount to Monday's close. BYD plans to use the fresh capital to expand its overseas business, invest in research and development, and supplement its working capital.
- This record-breaking share sale underscores the rapidly evolving nature of China's electric vehicle industry, where companies are increasingly relying on foreign capital to fuel their global expansion.
- What implications might this influx of funding have for BYD's competitiveness in emerging markets, particularly those with significant tariff barriers against Chinese-made vehicles?