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September 11, 2009

CHINA: BYD eyes Shenzhen share issue in 2010

BYD plans to list itself on the Shenzhen Stock Exchange next year with a share issue to raise funds for its new energy vehicle projects, according to a senior company official.

BYD plans to list itself on the Shenzhen Stock Exchange next year with a share issue to raise funds for its new energy vehicle projects, according to a senior company official.

The Hong Kong-listed company got the necessary shareholder approval for the public float at the annual general meeting held in Shenzhen earlier this week.

“We expect to complete the entire listing procedure before Sept 7 next year,” Wang Jianjun, deputy general manager of BYD said.

“BYD will focus on the development of electric cars in the next few years and would make further efforts to lower costs and improve the performance of BYD electric vehicles, to popularise it among Chinese consumers,” Wang said.

BYD’s Chairman Wang Chuanfu said earlier this month that billionaire Buffett is contemplating increasing his 10 percent stake in the company.

See also:

CHINA: BYD shares rise on Buffett stake speculation

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