BYD raises HK$43.5 billion in upsized Hong Kong share sale

Chinese electric vehicle maker BYD (1211) raised HK$43.5 billion in Hong Kong’s biggest share sale in nearly four years.

The company sold 129.8 million shares at HK$335.2 each, according to terms of the deal. The price represents a 7.8 percent discount to Monday’s close in Hong Kong and sits at the lower end of the deal’s marketed price range.

Shenzhen-based BYD’s offering was enlarged by 10 percent from the 118 million shares it had originally offered, Bloomberg calculations show. The stock fell 7.5 percent in early trading Tuesday.

The transaction marks Hong Kong’s biggest share sale since food-delivery firm Meituan raised US$10 billion (3690) in 2021 through a combination of a top-up placement and convertible bonds. BYD’s deal also reinforces expectations among dealmakers that Chinese share sales are primed for a rebound after years of decline.

Bloomberg