BYD raises $5.6 bln in share sale, Hong Kong's biggest in years

STORY: EV elephantine BYD said Tuesday it raised astir $5.6 cardinal successful a stock sale.

That made it the biggest specified listing successful Hong Kong for 4 years.

Now the Chinese steadfast plans to usage the wealth to summation probe and improvement spending and grow overseas.

BYD has rapidly emerged arsenic the country’s biggest automaker.

But implicit 90% of its 4 cardinal income past twelvemonth were successful its location market.

There it accounted for much than a 3rd of the full shipments of electrical cars and plug-in hybrids.

In February alone, it launched 21 caller electrified vehicles successful a bid to enactment competitory astatine home.

The steadfast is besides ramping up hiring, with a extremity to merchantability up to 6 cardinal vehicles this year.

That would enactment it astir connected par with General Motors.

As portion of the drive, it’s ramping up export efforts, with Brazil presently its largest overseas market.

Now the stock merchantability reflects expanding optimism implicit the tech assemblage successful China and Hong Kong.

Sentiment has lifted pursuing a high-level acme of apical executives led by Chinese President Xi Jinping.

Investors took that arsenic a motion that the authorities planned to springiness much enactment to the tech sector.

BYD shares were down implicit 6% by aboriginal day Tuesday, broadly successful enactment with the discount offered connected the banal successful the listing.

Shares successful large exporters were besides nether unit pursuing Donald Trump’s confirmation that helium was pressing up with caller tariffs, including connected Chinese goods.