HONG KONG, Sep 02, 2009 (SinoCast Daily Business Beat via COMTEX) -- BYDDF | Quote | Chart | News | PowerRating -- BYD Co., Ltd. (SEHK: 1211), engaged in battery, automobile, and handset production, is expected to go public on the Shenzhen Stock Exchange (SZSE) at the beginning of next year.
The company plans to issue 100 million shares at most on the Shenzhen bourse, disclosed its chairman and president Wang Chuanfu. It is actively pushing forward the plan now, and intends to submit its IPO application to the securities industry watchdog China Securities Regulatory Commission in mid-September 2009.
As for the saying that Warren Edward Buffett would lift his holding in BYD Co., the Chinese company said in a statement that it reached no agreement, made no management, or had detailed discussion with MidAmerican Energy Company under the aegis of the world-known investor.
The Hong Kong-listed company will use the proceedings from the A-share offering to push forward its EV (electric vehicle) sales plan in the US, said sources.
The BYD Co. Vice President Wang Jianjun confirmed the saying. The company has decided to sell new EVs in the US in 2010, according to its chairman.
Earlier this year, the Chinese company unveiled the e6 EV, the world's first 5-seated EV that can run 400 kilometers on a full charge, at the Detroit Motor Show.
The chairman disclosed that the company would preliminarily put multi-hundred e6 EVs in some areas in the US. They will be sold by only a few dealers at a price slightly higher than USD 40,000.
Its auto arm BYD Auto Co., Ltd. will quicken the development of new energy-based products in the second half of 2009, and its F3DM (dual-mode) EV is expected to hit the market at the end of this year at the earliest.
The automaker is busy working on the acquisition of Hunan Midea Coach Manufacturing Co., Ltd., based in the central province of Hunan. It intends to additionally invest not less than CNY 3 billion in the formation of its third largest minibus production base in the Hunan Environmental Protection Sci-tech Industrial Park. The base will be completed in 2011, and it is designed to turn out 400,000 new energy-powered passenger cars per year from 2010.
(USD 1= CNY 6.83)
Source: www.cnstock.com (September 02, 2009)
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