BYD plans $5.5bn share placement in Hong Kong

BYD Co. Ltd. announced plans to issue 129.8 million new H shares at HKD 335.2 per share, representing a 7.8% discount to the closing price on March 3, 2025. The placement, made under a general mandate, is expected to yield net proceeds of approximately HKD 43.38 billion (USD 5.5B). The company intends to use the funds for research and development, overseas business expansion, working capital replenishment, and general corporate purposes. The new shares represent approximately 11.82% of existing H shares and 4.46% of the total issued share capital. Goldman Sachs (Asia), UBS AG Hong Kong Branch, and CLSA are acting as joint placement agents for the deal. The placement is subject to customary conditions, including listing approval from the Hong Kong Stock Exchange and compliance with China Securities Regulatory Commission (CSRC) regulations.