Buffett-Backed BYD Receives Approval to Sell Shares in China
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BYD Co., the Chinese carmaker backed by Warren Buffett, won regulatory approval for a share sale in China as it seeks funds to reverse falling deliveries in the world’s biggest vehicle market.
The China Securities Regulatory Commission approved BYD’s planned A share issue, the company said in a Hong Kong stock exchange filing yesterday. BYD, already listed in Hong Kong, plans to offer as many as 79 million shares on the Shenzhen stock exchange, it said on May 5.