BYD to raise 2.85 bln yuan in Shenzhen listing

Chinese battery and electric car maker BYD Company (1211.HK) expects to raise 2.85 billion yuan ($417.3 million) via a placement of not more than 100 million A shares, and said it would seek shareholder approval of the plan on Sept 8.

The proposal involves the listing of renminbi-denominated shares on the Shenzhen Stock Exchange, it said in a statement issued late on Thursday.

The proceeds will be invested in the production of lithium ion batteries, expansion of an automobile parts and accessories unit, and the second phase of a solar battery manufacturing project.