China's BYD Elec plans about US$800 mln HK IPO

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HONG KONG, Nov 26 (Reuters) - Chinese rechargable battery maker BYD Co (1211.HK: Quote, Profile, Research, Stock Buzz) plans to spin off its handset components unit in a Hong Kong initial public offering, expected to be worth about US$800 million, according to a term sheet obtained by Retuers on Monday.

BYD Elec, which is 91 percent-owned by BYD Co, plans to offer 330 million new shares and 220 million existing shares, in a deal handled by UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) (UBS.N: Quote, Profile, Research, Stock Buzz).

The proposed listing firm is engaged in the manufacturing of plastic and metal handset casings, plastic and rubber keypads.

The company will kick off its marketing roadshow on Nov. 30, with a listing scheduled for Dec. 20.

Shares of BYD Co surged 6.82 percent in the morning session to HK$68.9.

(US$1=HK$7.8)

(Reporting by Kennix Chim; editing by Anne Marie Roantree)