Biz News Flash

BYD Shenzhen IPO approved

(China Daily)
Updated: 2011-05-16 14:54

Regulators have approved an initial public offering on the Shenzhen Stock Exchange by battery and car producer BYD Co Ltd, according to a recent announcement of China Securities Regulatory Commission.

BYD plans to offer no more than 79 million shares in Shenzhen to raise 2.19 billion yuan that will be used in its lithium battery, auto parts and car businesses. Published reports say share trading will start in September at the soonest.

The company, 10 percent owned by Warren Buffett's investment firm Berkshire Hathaway Inc, went public in Hong Kong in 2002.