0415 GMT - BYD's equity offering to raise capital for its overseas expansion could put some short-term pressure on stock price, Bernstein analysts write in a note. The Chinese auto giant is offering over 129 million Hong Kong-listed shares at a discount rate to raise up to HK$43.5 billion in part for overseas expansion, they say. While the company has over CNY90 billion in cash and equivalents on its balance sheets as of the end of 3Q24, raising HKD is more straightforward for financing investments in overseas markets, considering capital controls in China, they add. Bernstein has long been bullish on BYD's overseas potential, thanks to strong volume growth for its cars across the world, they say. BYD is down 6.6% to HK$339.60 at midday.(jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
March 03, 2025 23:15 ET (04:15 GMT)
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