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China's EV maker BYD raises US$1.77 billion

China's EV maker BYD raises US$1.77 billion

File photo. A woman walks past a BYD sign at the Shanghai auto show on Apr 17, 2019. (Photo: Reuters/Aly Song)

HONG KONG: Chinese electric vehicle company BYD has priced its shares at HK$276 each to raise US$1.77 billon, according to a term sheet seen by Reuters on Saturday (Oct 30).

The deal for 50 million new shares launched after the Hong Kong market closed on Friday.

BYD did not immediately respond to a request for comment.

The price was a 6.9 per cent discount to BYD's closing price on Friday of HK$296.6. It is in the middle of the range BYD had flagged, between US$HK273.5 and US$279.5, which represented a 5.8 per cent to 7.8 per cent discount.

The company, listed on the Hong Kong and Shenzhen stock exchanges, said in a term sheet when the deal launched it would use the funds to increase its working capital, pay down debt and invest in research and development.

BYD said on Thursday its net profit fell 27.5 per cent for the three months through September to 1.27 billion yuan (US$198.54 million) from 1.75 billion the same quarter last year.

Source: Reuters/aj

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