BYD is aiming to raise up to HK$40.7 billion ($5.2 billion) through a primary share placement in Hong Kong, according to a Bloomberg report citing deal terms. The Chinese automaker is offering 118 million shares at a price range of HK$333 to HK$345 per share, representing a discount of up to 8.4% from its Monday closing price of HK$363.60.
The company plans to allocate the proceeds toward research and development, overseas expansion, working capital replenishment, and general corporate purposes.
See also: JPMorgan Raises BYD’s 2026 Sales Forecast to 6.5 Million Units, Expects 30% Growth in 2025
BYD’s stock has experienced strong gains in 2024, surpassing a market capitalization of RMB 1 trillion early last month. As of Tuesday’s close, its market capitalization stood at RMB 1.05 trillion, with Hong Kong-traded shares rising approximately 40% year-to-date.
BYD, China’s largest new energy vehicle (NEV) manufacturer, reported full-year NEV sales of 4,272,145 units in 2024, marking a 41.26% increase from the previous year.
See also: BYD CEO: Chinese EVs Are 3-5 Years Ahead of Global Rivals
This includes 1,764,992 battery electric vehicles (BEVs), up 12.08%, and 2,485,378 plug-in hybrid vehicles (PHEVs), up 72.83%. Unlike its early 2023 pricing strategy, BYD has focused on vehicle intelligence, introducing free smart driving features to more affordable models since February.
In February, the company’s NEV sales rebounded to 322,846 units as demand picked up following the Chinese New Year holiday, a 163.95% increase from the same period last year. Overseas sales hit a record 67,025 units, marking the third consecutive month of growth.
See also: BYD Aims for Solid-State Battery Demonstration by 2027, Mass Adoption After 2030
For the first two months of 2024, BYD’s total NEV sales reached 623,384 units, up 92.52% year-on-year, while overseas sales climbed 124.27% to 133,361 units.