SHANGHAI 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)