BYD eyes issue for capital
China's privately owned battery and automobile maker BYD Co is planning to raise capital for new projects through issuance of as many as 100 million A shares on the Shenzhen Stock Exchange, Reuters reported yesterday.
The capital raised would be mainly used to fund the company's lithium-ion battery production, auto research and development, expansion of auto products and parts, as well as a solar battery program, with the rest to be used as working capital, according to BYD.
The Warren Buffett-backed automaker said it would seek shareholders' approval for the proposed listing through a shareholders meeting in September, Reuters reported, without further details.
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