Electric car maker BYD seeks up to $3.6 billion in placement

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.

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.