China's BYD plans Shenzhen share issue
Chinese battery and electric car maker BYD Company (1211.HK) said it planned to issue up to 100 million A shares on the Shenzhen Stock Exchange to raise capital for development projects.
The company said on Thursday the cash raised would be used to fund lithium-ion and solar battery production and the expansion of automobile products and accessories.
BYD said it would seek shareholder approval for the listing plan in a meeting to be held on September 11, but gave no further details.
BYD originally proposed a Shenzhen or Shanghai listing in January last year but delayed the plan due to the weak performance of the A share market in 2008.
