BYD raises $43.5b to fund expansion, R&D

Net proceeds are estimated at $43.38b.

BYD Company Limited will raise approximately $43.5b through a share placement, issuing new H shares under its General Mandate.

Net proceeds of around $43.38b will fund research and development, overseas expansion, working capital, and general corporate purposes.

The placement shares represent approximately 11.82% of the company's existing H shares and 4.46% of its total issued shares. Upon completion, the placement will account for 10.57% of the enlarged H-share base and 4.27% of the total issued shares. The aggregate nominal value of the placement shares is $23.9 (RMB129.8m).

At least six independent professional, institutional, or other investors will participate in the placement, which will be conducted on a best-efforts basis by the placing agents. The company has appointed CMB International Capital Limited as the lead manager for the placement.

The company will seek approval from the Stock Exchange for listing and trading of the placement shares while complying with regulatory requirements from the China Securities Regulatory Commission (CSRC).

As completion is subject to conditions, investors are advised to exercise caution.