On October 29, 2021, BYD Company Limited (“BYD” or the “Company”, 1211.HK/002594.SZ) priced its US$1.77bn follow-on offering. CICC acted as Lead Global Coordinator and Placing Agent in the transaction.

This is the largest follow-on H-share financing in the second half this year, as well as the offering with the lowest discount among deals with deal value greater than US$ 100 million. This offering, together with BYD’s follow-on offering in January, are the top two largest-ever equity financings in Chinese NEV industry.

Offering Overview:

• Offering Structure: 50 million primary shares placed, representing approximately 4.55% of the enlarged H-share capital
• Offering Price: HKD276.00/share, 6.9% discount to the closing price of the day
• Offering Size: ~US$1.77bn
• Pricing Date: October 29, 2021
• CICC’s Role: Joint Global Coordinator and Placing Agent

About BYD

As a pioneer and leader in the global new energy automobile industry, BYD has established a global leadership position in the new energy automobile industry and the ability to control core components independently through its long-term technological accumulation and forward-looking plan. The Company’s high-end flagship model “Han”, with its three benchmarks of “safety, performance, and luxury”, became the first medium/large sedan with a monthly sales volume over 10,000 units in China’s auto industry and continued to lead the market in terms of sales volume for medium/large sedan among the peers of domestic brands. In the first three quarters of 2021, the company achieved revenue of RMB 145.2bn, representing a year-on-year increase of 38.25%.

Acting as Lead Global Coordinator and Placing Agent, CICC led the overall coordination and marketing workstream. CICC helped BYD to grasp the market window timely, and successfully introduced more than 100 high-quality investors worldwide including top long only investors, multi-strategy funds and sovereign funds, realizing a premium to the average price of last 20 trading days.

This is another successful transaction of CICC providing BYD with full-spectrum capital market services, after assisting its H-share follow-on offering in January 2021, A-share follow-on in 2016 and BYD semiconductors’ private placement in 2020, winning high trust and recognition from the client.