STORY: EV giant BYD said Tuesday it raised almost $5.6 billion in a share sale.
That made it the biggest such listing in Hong Kong for four years.
Now the Chinese firm plans to use the money to increase research and development spending and expand overseas.
BYD has rapidly emerged as the country’s biggest automaker.
But over 90% of its 4 million sales last year were in its home market.
There it accounted for more than a third of the total shipments of electric cars and plug-in hybrids.
In February alone, it launched 21 new electrified vehicles in a bid to stay competitive at home.
The firm is also ramping up hiring, with a goal to sell up to 6 million vehicles this year.
That would put it roughly on par with General Motors.
As part of the drive, it’s ramping up export efforts, with Brazil currently its largest overseas market.
Now the share sale reflects increasing optimism over the tech sector in China and Hong Kong.
Sentiment has lifted following a high-level summit of top executives led by Chinese President Xi Jinping.
Investors took that as a sign that the government planned to give more support to the tech sector.
BYD shares were down over 6% by early afternoon Tuesday, broadly in line with the discount offered on the stock in the listing.
Shares in major exporters were also under pressure following Donald Trump’s confirmation that he was pressing ahead with new tariffs, including on Chinese goods.
