SHANGHAI - Chinese manufacturer of car and battery BYD Co. is awaiting approval of regulators of stocks of China for a share offering on the stock exchange of Shenzhen to the cash for a major expansion.
The China Securities Regulatory Commission is due to the examination of the application on Monday. BYD did not give a timetable for its initial public offering in leaflets seen Friday on the site Web of CLS.
Energy midAmerican, a subsidiary of Berkshire Hathaway, billionaire investor Warren Buffett, has a 9.9% stake in BYD participation, which has invested heavily in the expansion of production capacity car despite a drop of 33 percent for his profit last year.
BYD did not specify the price for its inclusion under 79 million shares or 3.4% of its capital expanded, in Shenzhen, the smaller countries, second market. The company, whose shares are also listed in Hong Kong, has postponed mainland China IPO last year, waiting for a better market environment.
The company said it intends to use the product for an expansion of 2.2 billion yuan (338 million from $), more will go to a car search, development and production base in the hometown of the company of Shenzhen, bordering Hong Kong.
BYD has launched first homegrown hybrid F3DM, to the retail market, China at the end of 2008.
But, after years of unbridled growth that is China's largest market worldwide for new vehicles, auto sales have slowed. BYD said its vehicle sales rose 10 percent year last the previous year to more than 500,000 units.
But increased competition in core of the segment of the sedans cheap BYD coincided with the loss of government subsidies key to fuel economy vehicles, and profit margin of the company has been reduced by half year last 5 per cent.
The company, which is a major manufacturer of battery more, has branched into the production of electric buses and energy storage systems. It is said that it provides launch rapidly one SUV and other high end vehicles, expanding its range to include more profitable segments.
A year ago, BYD joined with Daimler AG to form a 600 million Yuan ($88 million) 50-50 joint venture electric car which will combine the expertise of the German automobile manufacturer with experience of the BYD in battery technology.
Shares of BYD dropped 0.6% Friday in Hong Kong to Hong Kong ($3.44) 26.80 dollars. They are fallen 60.6% in the course of 12 months and 4.6% this year.
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