Car maker waits for listing approval
Source: Agencies |
May 7, 2011, Saturday
|
Print Edition
Print Edition
CHINESE car and battery maker BYD Co is awaiting approval from China's stock regulators for a share offering on the Shenzhen Stock Exchange aimed at raising cash for a major expansion.
The China Securities Regulatory Commission is due to review the application on Monday. BYD did not give any timetable for its initial public offering in the prospectus seen yesterday on the CSRC's website.
MidAmerican Energy, a subsidiary of billionaire investor Warren Buffett's Berkshire Hathaway, has a 9.9 percent stake in BYD, which has been investing heavily in expanding its auto production capacity despite a 33 percent drop in its profit last year.
BYD has not specified the price for its planned listing of 79 million shares, or 3.4 percent of its enlarged capital, in Shenzhen, the smaller market on the Chinese mainland. The company, whose shares are also listed in Hong Kong, postponed the mainland IPO last year, awaiting a better market environment.
The company said it plans to use the proceeds for a 2.2 billion yuan (US$338 million) expansion, most of which will go to an auto research, development and production base in Shenzhen.
A year ago, BYD joined with Daimler AG to form a 50-50, 600 million yuan (US$88 million) electric car joint venture that will combine the German auto maker's know-how with BYD's experience in battery technology.
BYD launched China's first homegrown hybrid vehicle, the F3DM, for the retail market in late 2008.
The China Securities Regulatory Commission is due to review the application on Monday. BYD did not give any timetable for its initial public offering in the prospectus seen yesterday on the CSRC's website.
MidAmerican Energy, a subsidiary of billionaire investor Warren Buffett's Berkshire Hathaway, has a 9.9 percent stake in BYD, which has been investing heavily in expanding its auto production capacity despite a 33 percent drop in its profit last year.
BYD has not specified the price for its planned listing of 79 million shares, or 3.4 percent of its enlarged capital, in Shenzhen, the smaller market on the Chinese mainland. The company, whose shares are also listed in Hong Kong, postponed the mainland IPO last year, awaiting a better market environment.
The company said it plans to use the proceeds for a 2.2 billion yuan (US$338 million) expansion, most of which will go to an auto research, development and production base in Shenzhen.
A year ago, BYD joined with Daimler AG to form a 50-50, 600 million yuan (US$88 million) electric car joint venture that will combine the German auto maker's know-how with BYD's experience in battery technology.
BYD launched China's first homegrown hybrid vehicle, the F3DM, for the retail market in late 2008.
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