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Chinese electric vehicle giant BYD (SZ:002594) has raised $5.59 billion in a primary share sale, marking Hong Kong’s largest offering in four years. Initially planning to sell 118 million shares, BYD increased the offering to 129.8 million shares due to strong demand, according to a term sheet seen by Reuters.
The shares were priced at HK$335.20 each, reflecting a 7.8% discount from Monday’s closing price of HK$363.60. The pricing fell within the book-building range of HK$333 to HK$345 per share. BYD has yet to comment on the sale, which took place outside of normal business hours.
This transaction is the largest of its kind since Meituan’s $6.9 billion fundraising in 2021, per LSEG data. It comes amid improving market sentiment in Hong Kong and China, particularly in the tech sector, following a summit led by Chinese President Xi Jinping. Recent policy signals indicate stronger government support for private enterprises, boosting investor confidence.
BYD’s stock has surged 36.38% in Hong Kong year-to-date, while its Shenzhen-listed shares climbed 27.4%, reflecting the broader positive momentum in the tech industry. The company plans to use the funds for research and development, global expansion, working capital, and general corporate purposes.
As a leading EV manufacturer, BYD continues to capitalize on the rising demand for electric vehicles worldwide. This major capital injection strengthens its position in the competitive global market, reinforcing its growth strategy amid China’s push for technological advancement and industrial expansion.
