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A man walks past a BYD store in Wuhan, Hubei province, March 20, 2014.[Photo/Agencies] |
BYD Co Ltd, the Warren Buffett-backed Chinese carmaker, plans to sell new stocks worth as much as 20 percent of its Hong Kong-listed shares, Bloomberg reported on Thursday, citing unidentified sources.
The firm's Hong Kong-traded shares fell 4.6 percent by midday and its mainland-listed shares declined 2.5 percent.
BYD has submitted an application for the plan to China's securities watchdog and could raise an estimated HK$7.61 billion through the share sale, the report said.
A BYD spokeswoman declined to comment when contacted by Reuters.
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