(Yicai Global) Feb. 18 -- BYD completed a CNY24.9 billion (USD3.9 billion) private placement scheme on Jan. 20 led by investment firm Hillhouse Capital, the National Business Daily reported today.
Hillhouse has invested USD200 million in BYD, despite selling off its stakes in other new energy vehicle startups, the report said, citing the carmaker.
Other participants included US venture capital firm Sequoia Capital, China’s social security fund, the country’s sovereign wealth fund China Investment Corp. and a number of European and Middle Eastern sovereign wealth funds, Chinaventure reported.
The combination of Hillhouse’s forward-looking capital and BYD’s advanced intelligent manufacturing will boost the Shenzhen-based firm’s development prospects, said Li Yunfei, general manager of BYD’s Department of Brand and Public Relations.
Hillhouse, which has offices in Beijing, Hong Kong and Singapore, no longer had holdings in Nio, Xpeng Motors and Li Auto as of the end of last year, according to the company’s report to the US Stock Exchange Commission.
BYD’s stock price fell 4.37 percent to HKD253.80 (USD33) apiece today. Its shares have gained more than five-fold in the past year, part of a wider rally in NEV makers’ stocks as investors hold out big expectations for the industry.
Editor: Kim Taylor