The Unlikely Duo Rethinking Wearable Technology

Why did a surgeon and Snap exec team up? They saw the missing ingredient in the $84T wearables market: behavior. So they built Emteq and invented smart glasses sensors to track real-time expressions, unlocking insights into why we do things. With a $15M term sheet already secured, Emteq is what Big Tech's missing.

Tesla Rival BYD Raises $5.64 Billion Through Share Placement, Wants To Use Funds For Global Domination

Kaustubh Bagalkote
March 03, 2025

BYD Company Limited (OTC:BYDDF), the world’s leading electric vehicle manufacturer for three consecutive years, and Tesla Inc (NASDAQ:TSLA) rival announced a significant capital raise through a placement of new H shares to fund its ambitious global expansion plans and research initiatives.

What Happened: The Chinese EV giant entered into a placement agreement on Mar. 3 to issue 129.8 million new H shares at HK$335.2 ($43.58) per share, according to a company announcement. The placement, representing approximately 4.46% of BYD’s total issued shares, is expected to generate net proceeds of approximately HK$43.38 billion ($5.64 billion).

The placement price represents a 7.8% discount to Monday’s closing price of HK$363.6 on the Hong Kong Stock Exchange.

Goldman Sachs, UBS, and CITIC Securities will serve as placing agents and capital markets intermediaries, while CMB International Capital will act as lead managers for the transaction.

“The company will continue to invest in research and development in the field of intelligentization to seize the critical opportunities in the next stage of new energy automobile industry,” BYD stated in the announcement. The company plans to use the proceeds to fund R&D, expand overseas operations, supplement working capital, and for general corporate purposes.

See Also: Markets Tank After Trump Confirms More Tariffs: Here’s What Wall Street Is Saying

Why It Matters: BYD has accelerated its international expansion while maintaining dominance in China. The company has ranked first globally in new energy vehicle sales for three consecutive years and has established multiple brands including BYD, Fangchengbao, Denza, and Yangwang to target different market segments from mass-market to luxury vehicles.

The placement is subject to regulatory approvals, including listing permission from the Hong Kong Stock Exchange. BYD’s chairman Wang Chuan-fu, who owns a substantial stake in the company, has agreed to a 90-day lock-up period following the share issuance.

BYD has emphasized its commitment to advancing vehicle intelligence, introducing strategies like “Full Vehicle Intelligence” and “Intelligent Driving for All” while equipping all its models with advanced autonomous driving systems.

Price Action: BYD shares traded on the Hong Kong Stock Exchange declined, 7.21% to HK$337.40 ($43.39) as of 10:32 am local time.

Read Next:

  • Polestar Vs. Tesla: Can Smaller EV Company Disrupt Giant Facing Boycotts, Protests With ‘Trade In’ Offer?

Image Via Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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