BYD announces new H share placement for $43.4m

BYD Company Limited [HKEX:1211] announced plans to issue 129.8 million new H shares under a general mandate, expecting to raise approximately HK$43.509 million (approximately $43.4 million USD) before expenses. The placing price is HK$335.2 per share, representing a discount to recent trading prices. The net proceeds of approximately HK$43.383 million will be allocated to research and development, overseas business expansion, and general corporate purposes. The new shares represent approximately 11.82% of the existing H shares in issue and 4.46% of the total issued shares. Goldman Sachs (Asia) L.L.C. and UBS AG Hong Kong Branch are among the placing agents. Trading for the new shares must be approved by the Stock Exchange and will be subject to CSRC filing rules.