BYD, the Chinese electric-car company part-owned by Warren Buffett, is poised to raise up to $1.9bn through the issue of new shares.
Trading in the company’s shares in Hong Kong was halted yesterday, and in Shenzhen on Monday, pending the announcement of the deal, which the company described as a private A-share placement. The number of shares and the price would be revealed after the deal was completed, BYD said.
The company counts among its investors Mr Buffett’s Berkshire Hathaway, and has benefited from the frothy share prices seen across China’s tech sector.
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