GUANGZHOU -- Chinese electric vehicle maker BYD has raised 29.9 billion Hong Kong dollars ($3.85 billion) from a stock sale, with the proceeds to fortify the company against Tesla's successful forays in its backyard.
BYD issued 133 million new shares in Hong Kong's stock market priced at HK$225 each, the company said Thursday. This represents roughly 5% of the automaker's shares in circulation, including those in Shenzhen.
