Chinese electric vehicle maker BYD has launched a Hong Kong share sale to raise up to $5.2 billion through an accelerated book-building process.
The company has set a price range of HK$333-HK$345 per share, offering a discount of up to 8.4% from Monday’s closing price of HK$363.60.
BYD plans to use the proceeds to invest in research and development, expand overseas, supplement working capital, and for general corporate purposes. The deal comes amid rising momentum in Hong Kong’s equity market, as investors bet on a potential recovery in China’s economic growth.
The fundraising coincides with BYD’s aggressive expansion plans, including hiring 20,000 employees in Zhengzhou in early 2025 and constructing a $1 billion plant in Indonesia by the end of next year. Last year, the company surpassed its global sales target, delivering over 4 million vehicles, and opened its first Southeast Asian EV plant in Thailand, with an annual production capacity of 150,000 units.
