|Bid||0.00 x 500000|
|Ask||0.00 x 500000|
|Day's Range||26.37 - 27.19|
|52 Week Range||4.01 - 27.94|
|Beta (5Y Monthly)||0.83|
|PE Ratio (TTM)||195.32|
|Forward Dividend & Yield||0.01 (0.03%)|
|Ex-Dividend Date||Jun 26, 2020|
|1y Target Est||N/A|
(Bloomberg) -- Aichi Automobile Co. is seeking to raise fresh funds that could value the Chinese electric-vehicle startup at more than $2 billion before its potential U.S. initial public offering, according to people familiar with the matter.China’s ride-hailing giant Didi Chuxing is among potential investors considering participating in the fundraising, said the people, who asked not to be identified because the matter is private. Aichi, better known as Aiways, plans to use the new capital for global expansion, the people said.Founded in 2017 by Chinese entrepreneurs Samuel Fu and Gary Gu, Aiways has a manufacturing base in Jiangxi province and a battery pack factory in Suzhou of Jiangsu province, according to its website. The Shanghai-based company also has its European research and development and sales center in Munich with a manufacturing base in Denmark.Deliberations on the fundraising plans are ongoing and details including size could still change, the people said. A representative for Aiways declined to comment, while a representative for Didi didn’t immediately respond to requests for comment.Didi, which defeated Uber Technologies Inc. in China, has been seeking alliances with car manufacturers to make customized EVs for its ride-hailing service as a more efficient option than traditional fuel-guzzlers. It’s planning to roll out an electric vehicle across several Chinese cities developed with BYD Co., a Chinese EV maker backed by Warren Buffett.Electric-car demand is increasing in China, benefiting industry leader Tesla Inc. as well as its local contenders such as Nio Inc. and Xpeng Inc. that focus on their domestic market. New energy vehicle retail sales rose 9.8% in 2020 to 1.11 million units, with a 58% year-on-year jump in December to 206,000 units.(Adds details of Chinese EV market in last paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Chinese carmaker BYD Company (OTC: BYDDF) (OTC: BYDDY), backed by Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett, raised $3.9 billion from a secondary stock sale in Hong Kong on Thursday, the Wall Street Journal reports.What Happened: BYD makes electric cars, batteries, plug-in hybrids, and fossil-fuel-powered vehicles in China. The company cashed in on the investor bullishness in the EV space, which has seen its stock surge more than 400% in Hong Kong in the last 12 months.BYD sold 133 million shares at HK$225 each, representing a discount of 7.8% to Wednesday's closing price of HK$244, WSJ noted.BYD becomes the latest Chinese EV maker to raise capital in a secondary listing after rival Xpeng Inc (NYSE: XPEV) raised $2.5 billion in December, followed by a $2 billion credit line to fuel expansion plans. Nio Inc (NYSE: NIO) had raised $3.1 billion in December, followed by $1.3 billion convertible notes last week. Why It Matters: The journal notes that investors in China bid up on car stocks searching for the next Tesla Inc (NYSE: TSLA). The capital raise puts BYD's market capitalization at $91 billion, in line with rival Nio, compared to $806 billion for Tesla. Investors also hope that China's pledge to become carbon neutral by 2060 and improvements in battery technology and infrastructure will increase electric vehicles' wider adoption.Based on last week's report, BYD outdid rivals Nio and Xpeng in EV sales.As per WSJ, a unit of Berkshire Hathaway has a stake in BYD since 2008 and holds 8.25% of BYD or 25% of its Hong Kong-listed stock. Click here to check out Benzinga's EV Hub for the latest electric vehicles news.Image Courtesy: WikimediaSee more from Benzinga * Click here for options trades from Benzinga * Baidu Enters The EV Fray As It Plans .5B Secondary Hong Kong Listing: Reports(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- BYD Co., a Chinese electric-vehicle manufacturer backed by Warren Buffett, raised HK$29.9 billion ($3.86 billion) from an upsized sale of its Hong Kong-listed shares, capitalizing on rising demand for new-energy vehicles and a blistering stock rally.The company agreed to sell 133 million shares at HK$225 each, representing a discount of 7.8% to Wednesday’s closing price of HK$244, according to a statement. The placed shares represent 14.54% of its enlarged H-share base, the statement showed.BYD had previously planned to offer 121.1 million shares at HK$222 to HK$228 each, according to terms of the deal obtained by Bloomberg News. Shares in BYD fell as much as 3.3% in early Hong Kong trading on Thursday.The offering comes after BYD’s shares have surged more than 400% in the last 12 months in Hong Kong, part of a broader rally in EV maker stocks buoyed by strong investor expectations for the industry’s growth. At $3.9 billion, BYD’s primary share placement is the biggest in Hong Kong since Haitong Securities Co.’s $4.2 billion share sale in 2014.BYD is the the latest in a growing line of Chinese EV makers to tap capital markets for funding. Last year, they raised billions of dollars in share sales: Chinese rival Xpeng Inc. sold $2.5 billion worth of new stock, while Nio Inc. fetched $3.1 billion in December. Xpeng also signed an agreement with banks for a $2 billion line of credit earlier this year.Electric-car demand is increasing in China, benefiting industry leader Tesla Inc. as well as its local contenders such as Nio and Xpeng that focus on their domestic market. New energy vehicle retail sales rose 9.8% in 2020 to 1.11 million units, with a 58% year-on-year jump in December to 206,000 units.Shenzhen-based BYD plans to use the cash to replenish its working capital, repay interest-bearing debt, and invest in research and development, according to the filing. It said in December it planned to issue no more than 20% of its total H shares outstanding.UBS Group AG, Goldman Sachs Group Inc. and China International Capital Corp. are joint global coordinators on the deal. Citic Securities Co. is lead manager.(Adds BYD share price in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.