Spend 200 million dollars! Hillhouse Capital participates in the latest round of fixed growth of BYD

Hillhouse Capital spent $200m on Feb. 18 to subscribe for the latest round of private placement of 01211.HK (BYD), according to APP.

The news has been confirmed by Li Yunfei, general manager of BYD's brand and public relations department.

On the morning of January 21, BYD announced on the Hong Kong Stock Exchange that it planned to place 133 million new H shares at a placing price of HK $225 per H share, a discount of about 7.8 per cent to the closing price of HK $244 on January 20. The placing shares account for about 14.54% of the existing issued H shares and about 4.88% of the existing total issued share capital; the placing shares account for about 12.69% of the enlarged H shares and about 4.65% of the enlarged total share capital.

Assuming that all the placing shares are fully placed, the total proceeds from the placing are expected to be about HK $29.925 billion, while the net proceeds from the placing, after deducting commissions and estimated fees, are expected to be about HK $29.801 billion.

It is reported that the net proceeds from the placement are intended to be used for BYD's replenishment of working capital, repayment of interest-bearing debts, R & D investment and general corporate purposes.

BYD said that the company can complete the issue in stages, the interval between each two issues shall not be less than three months, and each issue shall not be less than 25% of the approved quota, and the unused quota will automatically expire after the approval expires. The reply shall be valid within 12 months from the date of approval of issuance.

According to the investigation information, BYD Co., Ltd. was established in 1995, with legal representative Wang Chuanfu, registered capital of about 2.861 billion yuan and major shareholder HKSCC NOMINEES LIMITED, holding 25.26%. According to the company's financing information, BYD has completed six rounds of financing and has previously received 3 billion yuan of investment from Samsung Electronics.

In addition, on the evening of February 2, BYD announced that in order to expand the business of the company's holding subsidiary and meet its capital needs, the company's board of directors agreed to increase the capital of the wholly-owned subsidiary BYD Automotive Industry Co., Ltd. by US $850 million or equivalent RMB (5.487 billion yuan) and the holding subsidiary BYD Automobile Co., Ltd. by 3 billion yuan. Increase the capital of Shenzhen BYD supply chain Management Co., Ltd., a wholly-owned subsidiary, by 3 billion yuan.

Hillhouse Capital also spent 10 billion yuan last year to participate in the growth of another battery giant, Ningde Times (300750). On the evening of July 17, 2020, Ningde Times issued an announcement announcing the results of the non-public offering. According to the announcement, Ningde City issued 122 million shares on behalf of this issue, the issue price is 161.00 yuan per share, and the total amount of funds raised is about 19.7 billion yuan. Among them, Hillhouse Capital subscribed for 10 billion yuan and Honda subscribed for 3.7 billion yuan.