Shanghai. March 7 (Gasgoo.com) – The board of directors of BYD, a Hong Kong listed Chinese battery and automaker announced yesterday to launch IPO in Shenzhen stock market.
The IPO plan is subject to approval by a special session of stake-holders conference before it is submitted to Chinese authorities.
In January this year, the Shenzhen-base BYD announced to issue 58.50 million shares in its initial public offering in China’s A share market. Yesterday, BYD closed at $41.2 HK dollars in Hong Kong market. That means the company will raise approximately RMB 2.4 billion or $335.2 in U.S. dollars from the IPO.
BYD said the company will use A share market as new vehicle to raise capital for business expansions.