BYD: Successfully Raises $5.6bn through H-share Offering

Deal News | Mar 20, 2025 | Reed Smith

BYD has successfully executed a substantial $5.6 billion H-share placement, pricing 129.8 million new shares at HK$335.2 each. This transaction is a significant step in BYD's strategy to expand its global footprint, particularly within the New Energy Vehicle (NEV) segment. The funds raised will aid in advancing BYD's manufacturing capabilities, sales channels, and brand promotion overseas. The advisory team from Reed Smith that facilitated this offering was led by partner Ivy Lai, with support from partners Greg Wang and Leigh Hansson, showcasing the expertise and collaboration across their offices.

Sectors

Automotive
Financial Services

Geography

China – BYD is a Chinese company and the listing involves H-shares, which are related to the Hong Kong financial market.
Hong Kong – The H-share offering and listing are specifically connected to the Hong Kong Stock Exchange.

Industry

Automotive – BYD operates in the automotive industry, focusing on New Energy Vehicles which are part of its globalization strategy.
Financial Services – The transaction involves financial services related to the H-share offering, bookbuild process, and capital markets.

Financials

$5.6 billion – Total value of the H-share offering by BYD.
HK$335.2 – Placing price per share for BYD's 129,800,000 new H-share placement.

Participants

Name	Role	Type	Description
BYD	Target company	Company	BYD is a leading Chinese automotive company focusing on new energy vehicles.
Reed Smith	Legal advisor	Company	Reed Smith is a multinational law firm that advised BYD on its H-share offering.
Ivy Lai	Lead legal advisor	People	Partner at Reed Smith, leading the advisory team for BYD's H-share offering.
Greg Wang	Supporting legal advisor	People	Partner at Reed Smith who contributed to the advisory work.
Leigh Hansson	Supporting legal advisor	People	Partner at Reed Smith who was part of the advisory team.