BYD plans to list A-shares this year
- Source: Gasgoo
- [10:00 January 13 2011]
- Comments
BYD plans to list A-shares on the mainland stock market this year, issuing up to 100 million new shares.
Wang Chuanfu, BYD's founder and chairman, made the revelation at the annual Detroit-held North American International Auto Show. At this year's event, which marks the company's fourth showing, BYD showed off several models for the first time, with its chief offering being the new S6 series S6DM dual-mode hybrid SUV.
BYD has intended to list A-shares as early as 2008, but because of perceived market conditions plans were suspended. In July the following year, executives applied for BYD to be listed on the Shenzhen Stock Exchange. At an event later that year, the company sent the relevant materials for A-share application to the China Securities Regulatory Commission for approval.
On July 14 2010, the Hong Kong-listed BYD decided to once again extend its A-share planning phase to September 7 of the following year.
In September 2010, BYD invited financial tycoon Warren Buffet to visit China. Mr. Buffet, who owns 9.89 percent of BYD, said that the company's commitment to new energy vehicles moved him, and that his visit to China furthered his resolve in the company.
BYD closed at 35 yuan ($5.304) Wednesday with 3.44 millions shares traded, down 1.434 percent.
