The company said in a term sheet when the deal launched it would use the funds to increase its working capital, pay down debt and invest in research and development.



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The deal for 50 million new shares launched after the Hong Kong market closed on Friday.

Chinese electric vehicle company BYD Co has priced its shares at HK$276 each to raise $1.77 billon, according to a term sheet seen by Reuters on Saturday. The deal for 50 million new shares launched after the Hong Kong market closed on Friday. BYD did not immediately respond to a request for comment.

The price was a 6.9% discount to BYD’s closing price on Friday of HK$296.6. It is in the middle of the range BYD had flagged, between $HK273.5 and $279.5, which represented a 5.8%-7.8% discount.

The company, listed on the Hong Kong and Shenzhen stock exchanges, said in a term sheet when the deal launched it would use the funds to increase its working capital, pay down debt and invest in research and development.

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BYD said on Thursday its net profit fell 27.5% for the three months through September to 1.27 billion yuan ($198.54 million) from 1.75 billion the same quarter last year.

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