Warren Buffett-backed BYD plans to sell new shares in HK: report

SHANGHAI Thu Mar 27, 2014 1:01am EDT

A man walks past a BYD store in Wuhan, Hubei province, March 20, 2014. REUTERS/Stringer

A man walks past a BYD store in Wuhan, Hubei province, March 20, 2014.

Credit: Reuters/Stringer

SHANGHAI (Reuters) - BYD Co Ltd 002594.SZ (1211.HK), the Warren Buffett-backed Chinese carmaker, plans to sell new stocks worth as much as 20 percent of its Hong Kong-listed shares, Bloomberg reported on Thursday, citing unidentified sources.

The firm's Hong Kong-traded shares fell 4.6 percent by midday and its mainland-listed shares declined 2.5 percent.

BYD has submitted an application for the plan to China's securities watchdog and could raise an estimated HK$7.61 billion through the share sale, the report said.

A BYD spokeswoman declined to comment when contacted by Reuters.

(Reporting by Samuel Shen and Kazunori Takada)

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