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BYD is presenting investors with 118 million shares priced between HK$333 and HK$345 ($42.8 to $44.4). This is as much as 8.4% lower than the shares' market value: at the trading day's end on March 3, BYD stocks in Hong Kong were valued at HK$363.6 (-2.15%).
According to Bloomberg, this placement will be the biggest in Hong Kong since 2021, when the food delivery company Meituan secured $10 billion through the issuance of extra shares and convertible bonds. Placement by BYD boosts optimism for the rebound of Chinese stock sales following several years of decrease, the agency highlights.
BYD's positioning occurs during the company's strong showing: it sold over 318,000 electric vehicles and hybrids in February, reflecting a 161% increase compared to the previous year. Globally, the company's sales hit an all-time high of 67,025 vehicles. According to Bloomberg, the funds obtained from the offering might assist BYD's worldwide growth.
source: bloomberg.com
According to Bloomberg, this placement will be the biggest in Hong Kong since 2021, when the food delivery company Meituan secured $10 billion through the issuance of extra shares and convertible bonds. Placement by BYD boosts optimism for the rebound of Chinese stock sales following several years of decrease, the agency highlights.
BYD's positioning occurs during the company's strong showing: it sold over 318,000 electric vehicles and hybrids in February, reflecting a 161% increase compared to the previous year. Globally, the company's sales hit an all-time high of 67,025 vehicles. According to Bloomberg, the funds obtained from the offering might assist BYD's worldwide growth.
source: bloomberg.com
