The transaction marks Hong Kong’s biggest share sale since food-delivery firm Meituan raised US$10 billion ($13.5 billion) in 2021 through a combination of a top-up placement and convertible bonds. BYD’s deal also reinforces expectations among dealmakers that Chinese share sales are primed for a rebound after years of decline.
Chinese electric vehicle maker BYD is aiming to raise as much as HK$40.7 billion ($7.06 billion) in what would be Hong Kong’s biggest share sale in nearly four years.
The company is offering 118 million shares at HK$333 to HK$345 each, according to terms of the deal seen by Bloomberg News. That implies a discount of up to 8.4% to BYD’s closing price on Monday, according to Bloomberg calculations.
