BYD Co. Ltd., a Shenzhen, China-based manufacturer of cars, batteries and other products, raised US$758 million in an initial public offering on the Hong Kong Stock Exchange for its mobile phone component subsidiary, BYD Electronic (International) Co. Ltd.
The firm had hoped to raise as much as US$989 million in the December IPO.
BYD Electronic, which produces handset casings and keypads subassembles components for phone handset modules, will use proceeds to fund expansion in China, Hungary and Romania.
BYD Electronic, which serves mobile phone companies Nokia Oyj, Samsung Electronics Co. and Motorola Inc., wants to expand its central Europe operations to meet rapidly growing demand there. It forecasts a 2007 profit of at least US$148 million, up almost 50 percent from 2006.
BYD Electronic competes with Foxconn International Holdings Ltd. of Taipei, Taiwan.