UAE family office backs BYD’s USD5.6bn share sale

UAE’s Al-Futtaim Family Office participated as a strategic investor in BYD Co.’s HKD43.5bn (USD5.6bn) share sale, Hong Kong’s largest in nearly four years. The Chinese electric vehicle maker priced 129.8 million shares at HKD335.20 each, a 7.8% discount to the previous close, with strong demand from long-only investors and sovereign wealth funds. The offering was upsized by 10% from the initial 118 million shares. The deal signals renewed confidence in Chinese share sales and follows BYD’s surging EV and hybrid sales, which hit a record 318,000 units last month. Proceeds will support the automaker’s global expansion, R&D, and capital needs as it accelerates overseas production to navigate rising tariff risks and aims for up to 6 million vehicle sales this year.