BYD(01211) 招银国际·2025-03-04 08:08Investment Rating - The report does not explicitly state an investment rating for BYD Company Limited Core Insights - BYD is a pioneer and leader in the global electric vehicle industry, leveraging a strong R&D team of 110,000 engineers to develop innovative and disruptive technologies, establishing a sustainable competitive advantage in electric, intelligent, high-end, and international aspects of the automotive industry [2] - The recent H-share placement involved the issuance of 129,800,000 new shares at a price of HKD 335.2 per share, raising approximately HKD 43.509 billion, marking the largest placement in the Hong Kong capital market since 2022 [1][2] Summary by Sections Transaction Overview - On March 3, 2025, BYD completed a new H-share placement, with a total issuance of 129,800,000 shares at a price of HKD 335.2, representing a discount of about 7.8% from the closing price on the same day, totaling HKD 43.509 billion [1] Company Profile - BYD has a robust accumulation of core technologies in the electric vehicle sector and continues to push forward with original and disruptive technologies, enhancing its long-term competitive edge [2] - The collaboration with CMB International in this transaction highlights the ongoing support for BYD's refinancing efforts in the capital market, reinforcing CMB International's commitment to the long-term development of China's new energy and high-tech industries [2]