Chinese electric vehicle giant BYD Co. is set to generate up to HK$40.7 billion ($5.2 billion) via a primary share placement, as detailed in documents obtained by Bloomberg News.
The automaker is putting 118 million shares on the table, each priced between HK$333 and HK$345, offering investors a discount of up to 8.4% from the latest closing price of HK$360.21.
The capital garnered from this placement is earmarked for several strategic initiatives. BYD intends to channel funds into research and development and bolster its international footprint. Additional allocations are aimed at enhancing working capital and managing broader corporate requirements.
