Chinese electric vehicle maker BYD launches $1.8 billion capital raising -term sheet

Chinese electric vehicle maker BYD launches $1.8 billion capital raising -term sheet
Chinese electric vehicle maker BYD launches $1.8 billion capital raising -term sheet   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p><span class="caps">HONG</span> <span class="caps">KONG</span> – Chinese electric vehicle company <span class="caps">BYD</span> Co is raising up to $1.8 billion in a capital raising launched on Friday, a term sheet seen by Reuters showed.</p> <p>A price range to sell 50 million shares was set at between $HK273.5 and $279.5, which represents a 5.8% to 7.8% discount to the stock’s closing price on Friday.</p> <p><span class="caps">BYD</span> Co is listed on the Hong Kong and Shenzen stock exchanges. </p> <p>It said it would use the funds to increase its working capital, pay down debt and invest in research and development.</p> <p><span class="caps">BYD</span> announced on Thursday that it made a 1.27 billion yuan ($198.54 million) net profit in the three months to Sept. 30, down from 1.75 billion a year earlier.</p> <p>The company did not immediately respond to a request for comment sent outside normal business hours on Friday.</p> <p/> </div>