BYD Announces Major Share Sale in Hong Kong

In a significant move, BYD Auto Co., Ltd. has announced the largest share sale in Hong Kong in the past four years. The electric vehicle giant sold a total of 129.8 million shares at 335.20 Hong Kong dollars each, amassing approximately 43.5 billion Hong Kong dollars, equivalent to $5.6 billion.

Impact on Stock Market

Following the announcement, BYD's stock experienced a notable decline, dropping 7.04% to 338.40 Hong Kong dollars per share by 8:17 am CET. This reaction underscores the market's sensitivity to large-scale financial maneuvers by leading companies.

Future Plans for the Raised Funds

The proceeds from the share sale are earmarked for the expansion of BYD's overseas business operations. This strategic investment highlights BYD's commitment to strengthening its global presence and enhancing its competitive edge in the international electric vehicle market.