Build Your Dreams, aka BYD, a company backed by Warren Buffett and Daimler AG’s electric-car partner, has won regulatory approve for a share sale on the Shenzhen exchange to fund its expansion in China. According to a statement posted on its web site Monday, the China Securities Regulatory Commission approved the planned A share issue.
BYD is now waiting on written approval to announce details of its Shenzhen offering later. The company has plans to offer 79 million shares in Shenzhen, where the company is based.
BYD will use the proceeds from the share sale to produce vehicles and a rechargeable-batteries businesses. It will also expand into car parts and accessories.
– By: Omar Rana
Source: Automotive news