BYD Raises Record $5.59 Billion in Hong Kong IPO.
BYD has raised a record $5.59 billion in its primary share sale, the largest of its kind in Hong Kong in four years, as sentiment in the tech sector improves following a high-level summit led by Chinese President Xi Jinping. The company sold 129.8 million shares at HK$335.20 each, a 7.8% discount to the stock's closing price on Monday. BYD plans to use the funds to invest in research and development, expand overseas businesses, and supplement working capital.
- This record-breaking IPO marks a significant milestone for China's electric vehicle industry, which is poised for further growth as governments worldwide set ambitious targets for reducing carbon emissions.
- What role will this influx of capital play in shaping BYD's strategy for expansion into new markets, particularly the US, where EVs are gaining traction?