BYD Co., a Chinese electric-vehicle manufacturer backed by Warren Buffett, is looking to raise as much as $3.6 billion from a sale of its Hong Kong-listed shares, capitalizing on rising demand for new-energy vehicles and a stock rally.
BYD is selling 121.1 million shares at HK$222 to HK$228 each, according to terms of the deal obtained by Bloomberg News. The price range represents a discount of 6.6% to 9% to the last closing price of HK$244.
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BYD’s shares have surged more than 400% in the last 12 months in Hong Kong, part of a broader rally in EV maker stocks amid strong investor demand and expectations for the industry’s growth.
UBS Group AG is lead bookrunner on the deal.
This story has been published from a wire agency feed without modifications to the text.