Shanghai, July 14 (Gasgoo.com) BYD Co., a leading Chinese electric car maker, may delay its planned A-share listing in Shenzhen to next year for "better timing" after stock markets fell, Bloomberg News reported today.
BYD, based in southern Chinese boom town of Shenzhen, said in a statement to the Hong Kong exchange today that the company's board of directors requested a 12-month extension until Sept. 7, 2011, to prepare a listing. The Shareholders will vote on the proposal at a meeting on August 30.
"The domestic and global stock markets are not performing well, so we would like to have enough time to choose a better timing for the share sale," said a spokesman for BYD. Shares of BYD's Hong Kong-listed unit declined more than 30% from their highest level this year on April 7.
In July 2009, BYD announced its plans to issue up to 100 million Class A shares in the Shenzhen exchange. It aims to raise 2.85 billion yuan ($421 million) in the planned China share sale to fund lithium-battery and solar power-battery projects as well as vehicle businesses.
The company was the fastest-growing carmaker by sales in China last year, more than doubling deliveries to 448,397 vehicles. In the first half of this year, BYD vehicle sales grew 63.5% to 289,000 units.
BYD will sell its all-electric e6 cars in the U.S. later this year, following the domestic success of its gasoline-powered F3 car. U.S. billionaire Buffett's Berkshire Hathaway Inc. holds a 10% stake in BYD.
