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Shares of Buffett-backed BYD fall 5 pct after $551 mln share sale plan
May 26, 2014 / 1:46 AM / in 4 years

Shares of Buffett-backed BYD fall 5 pct after $551 mln share sale plan

HONG KONG, May 26 (Reuters) - Shares of Chinese carmaker BYD Co Ltd fell 5 percent in Hong Kong early on Monday after the company backed by investor Warren Buffett launched a new share issue seeking to raise up to $550 million.

In early trading the stock was changing hands at HK$39.10, while the benchmark Hang Seng Index was 0.4 percent higher.

BYD said on Friday it would place 121.9 million new H-shares at HK$35 apiece, raising up to HK$4.27 billion ($551 million) for general working capital and fund business development.

$1 = 7.7535 Hong Kong Dollars Reporting by Donny Kwok; Editing by Kenneth Maxwell

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