The company said it sold 129.8 million primary shares in the deal , up from the planned 118 million shares.
BYD said the deal was the largest follow-on share offering in the automotive sector in a decade.
Al-Futtaim Family Office, based in the United Arab Emirates, was a key investor in the share sale, and the two firms planned to form a strategic partnership, BYD said.
In recent years, most Chinese automakers have turned their attention to the Middle East to increase their overseas sales, but this market is considered small compared to the domestic Chinese market.
Leveraging its competitive lineup of affordable battery-powered vehicles, BYD has quickly become China's largest automaker since 2022.
More than 90% of BYD's total sales of 4 million vehicles in 2024 came from China, where the company accounted for more than a third of total sales of pure electric vehicles and plug-in hybrids in the world's largest automotive market.
According to LSEG, BYD's share sale is the largest of its kind in Hong Kong since 2021, when Meituan raised $6.9 billion.
The deal reflects an increasingly positive sentiment in Hong Kong and China, particularly in the technology sector, following a summit of high-level tech executives led by Chinese President Xi Jinping. Chinese politicians have also signaled a greater level of support for the country's private business sector.
The company plans to use the proceeds for investments in research and development, expansion of foreign business, replenishment of working capital, and general purposes.
Source: Reuters
