BYD’s $5.6 Billion Share Sale Gobbled Up By Long-Term Investors
- ‘Long-only’ funds said to account for at least $1.5 billion
- Al-Futtaim Family Office was among participants in share sale
BYD sold 129.8 million shares at HK$335.20 each, a 7.8% discount to Monday’s close in Hong Kong.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Long-term investors snapped up a significant chunk of BYD Co.’s $5.6 billion stock offering, people familiar with the matter said, a vote of confidence in the electric-vehicle maker and Chinese equities more broadly.
“Long-only” funds alone received at least $1.5 billion worth of shares in the largest such sale in Hong Kong in nearly four years, the people said, asking not to be identified discussing private information. The involvement of such investors is typically welcomed as they can help anchor prices.