China’s electric vehicle champion BYD said on Tuesday it had raised $5.6bn in the biggest share sale in Hong Kong in four years and the largest equity follow-on offering in the global automotive sector in a decade.
The Warren Buffett-backed company sold 129.8mn shares at HK$335.20 apiece in the deal, according to a stock exchange filing, representing an 8 per cent discount to its Monday closing price, The share offering had been increased from 118mn, according to term sheet details learned by the Financial Times.
Its Hong Kong-listed shares fell nearly 7 per cent on Tuesday, but they had still risen by more than 30 per cent so far this year.
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