BYD’s HK$43.5 Billion H-Share Placement

Cleary Gottlieb represented Goldman Sachs (Asia) L.L.C., UBS AG Hong Kong Branch, and CITIC Securities, as placing agents, in an H-share placement by BYD Company Limited (01211.HK; 002594.SZ).

BYD will raise HK$43.5 billion ($5.6 billion) through the issuance of 129.8 million new H shares in the placement.

The placement is the largest equity placement in the global automotive industry in the past decade, the largest placement in the global automotive industry, the second-largest placement in Hong Kong, and the largest placement in the industrial sector of Hong Kong. This placement is also one of the first capital market transactions completed since the effectiveness of the U.S. outbound investment rules in January 2025.

The placing agreement was signed on March 3, 2025. The placement is expected to close, subject to the satisfaction of conditions precedent, by March 17, 2025.

BYD is the world’s largest manufacturer of electric vehicles.