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Shares of Buffett-backed BYD fall 5% after $690m share sale plan

Published on May 26, 2014 10:12 AM
 
A man walks past a BYD store in Wuhan, Hubei province, March 20, 2014. Shares of Chinese carmaker BYD Co fell 5 per cent in Hong Kong after the company launched a new share issue seeking to raise up to US$551 million (S$690 million). -- FILE PHOTO: REUTERS 

HONG KONG (Reuters) - Shares of Chinese carmaker BYD Co fell 5 per cent in Hong Kong early on Monday after the company backed by investor Warren Buffett launched a new share issue seeking to raise up to US$551 million (S$690 million).

In early trading the stock was changing hands at HK$39.10, while the benchmark Hang Seng Index was 0.4 per cent higher.

BYD said on Friday it would place 121.9 million new H-shares at HK$35 apiece, raising up to HK$4.27 billion (S$690 million) for general working capital and to fund business development.

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