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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  BYD Company Limited    1211   CNE100000296

BYD COMPANY LIMITED

(1211)
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End-of-day quote. End-of-day quote Stock Exchange of Hong Kong - 12/06
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BYD : ISSUE OF THE DOMESTIC CORPORATE BONDS

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11/22/2019 | 07:47am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

比 亞 迪 股 份 有 限 公 司

BYD COMPANY LIMITED

(a joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1211)

Website: http://www.byd.com

ISSUE OF THE DOMESTIC CORPORATE BONDS

The Board resolved on 22 November 2019 to approve the issue of the Domestic Corporate Bonds with an issue size of an aggregate principal amount of not more than RMB10 billion (including RMB10 billion) by the Company. The issue of the Domestic Corporate Bonds has been approved by passing of a special resolution at the 2018 Annual General Meeting and is subject to approval by the relevant PRC regulatory authorities.

This announcement is made pursuant to Rule 13.09 of the Listing Rules and the provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

The Domestic Corporate Bonds Issue is subject to approval by the relevant PRC regulatory authorities and may or may not proceed. Shareholders and potential investors of the Company are advised to exercise caution in dealing in the Company's securities.

1. BACKGROUND

This announcement is made pursuant to Rule 13.09 of the Listing Rules and the provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

References are made to the circular dated 18 April 2019 and the announcement dated 6 June 2019 of the Company in relation to (including, but not limited to) the consideration and passing of the resolution on "Authorisation to Issue Debt Financing Instrument(s)" at the 2018 Annual General Meeting convened by the Company.

The Board resolved on 22 November 2019 to approve the issue of the Domestic Corporate Bonds with an issue size of an aggregate principal amount of not more than RMB10 billion (including RMB10 billion) by the Company. The issue of the Domestic Corporate Bonds has been approved by passing of a special resolution at the 2018 Annual General Meeting and is subject to approval by the relevant PRC regulatory authorities.

1

Details of the issue of the Domestic Corporate Bonds are set out below:

Issuer

:

BYD Company Limited

Type of the Bonds

:

The type of the bonds is storage issuance of corporate bonds,

which publicly issues general corporate bonds, green corporate

bonds, renewable corporate bonds and various types of

special bonds to qualified investors (the bonds do not include

exchangeable corporate bonds). The specific type of issuance shall

be determined by the Chairman or persons otherwise authorised by

the Chairman within the said range according to the Company's

capital requirements and the market conditions prevailing at the

time of issue.

Issue Size

:

The aggregate principal amount of the Domestic Corporate Bonds

Issue shall not be more than RMB10 billion (including RMB10

billion) in the PRC. The accumulated balance of corporate bonds

shall not exceed 40% of the Company's net assets of the latest

period upon issue. The specific size and number of tranches

of issuance shall be determined by the Chairman or persons

otherwise authorised by the Chairman within the said range

according to the market conditions prevailing at the time of issue.

Maturity of the Bonds:

The bonds will have a term of maturity not exceeding 10 years

(including 10 years) and can be either single-term or multiple

terms. The specific term maturity and the issue size of each type

of maturity shall be determined by the Chairman or persons

otherwise authorised by the Chairman according to the Company's

capital requirements and the market conditions prevailing at the

time of issue.

Par Value and

:

The par value of the bonds is RMB100 each, and shall be issued

Issue Price

at par value.

Interest Rate and

:

The interest rate of the bonds shall be determined within the

Determination

enquired interest rate range by the issuer and the lead underwriter

Method of the

according to the outcome of offline interest rate enquiry.

Bonds

Use of Proceeds

:

The proceeds of the bonds issue will be used to supplement the

working capital, repay borrowings of the Company and other

purposes in compliance with laws and regulations.

2

Target of Issuance

:

The target investors of the bonds issue are qualified investors

and Arrangements

who comply with relevant regulations such as Administrative

for Placement to

Measures for the Issuance and Trading of Corporate Bonds (

Shareholders of

司債券發行與交易管理辦法》) and Administrative Measures on

the Company

the Appropriateness of Investors ( 投資者適當性管理辦法》)

and own an A-share securities account with China Securities

Depository and Clearing Corporation Limited, Shenzhen Branch

(excluding purchasers prohibited by laws and regulations). There

will be no arrangements for preferential placement of the bonds to

the Shareholders of the Company.

Manner of Issue

:

The bonds will be issued in tranches upon approval of issuance.

The bonds will be issued offline to qualified investors by way of

price enquiry and placing, and the bookrunner will conduct the

placing of the bonds according to the interest rate enquiry. The

Company will submit the application documents for the issue

to the Shenzhen Stock Exchange in accordance with relevant

requirements on financing regulation optimisation. The specific

type of bonds is subject to the documents of each tranche of

bonds issued. The specific issue arrangements will be conducted

in accordance with relevant requirements of the Shenzhen Stock

Exchange.

Manner of Security

:

The bonds will not be issued with security.

Guarantee for

:

In the event that any failure to pay any amounts of principal or

Repayment of

interest of the bonds as scheduled or when any of such amounts

the Bonds

fall due is foreseen to take place, the Company may take

measures to guarantee the repayment as required by the relevant

laws and regulations or regulatory documents (if applicable),

including not declaring any profit distribution to the Shareholders,

reducing or discontinuing the payment of remuneration/salaries

and bonuses of Directors and senior management, postponing

the implementation of capital expenditure projects such as

material investment, merger or acquisition, and not transferring or

seconding the principal officer.

Place of Listing

:

The Company shall file the application for listing and trading of

the corporate bonds to the Shenzhen Stock Exchange as soon as

possible following the completion of the corporate bonds issue

and subject to the fulfilment of the listing conditions.

3

Special Terms of

:

The special terms of issue relating to the issue of the bonds, such

Issue

as special terms regarding the renewal option, term of renewal,

option for deferred interest payment, compulsory payment event,

restrictions under deferred interest payment and interest rate

adjustment mechanism for the renewable corporate bonds, shall be

determined by the Chairman or persons otherwise authorised by

the Chairman in accordance with relevant regulations and market

conditions. The specific issue conditions for each type of bonds

are subject to the documents of each tranche of bonds issued.

Term of Validity of

:

The resolution in respect of the Corporate Bonds Issue of the

the Resolution

Company will expire 24 months after the date of considering

and passing of such resolution by the Board. If the bonds issue

receives approval from the CSRC within the term of validity

of the Board resolution while not yet completed, the period of

validity shall be extended to the date of completion of the bonds

issue.

  1. GENERAL
    The Domestic Corporate Bonds Issue is subject to approval by the relevant PRC regulatory authorities and may or may not proceed. Shareholders and potential investors of the Company are advised to exercise caution in dealing in the Company's securities.
  2. REASONS AND BENEFITS FOR THE DOMESTIC CORPORATE BONDS ISSUE
    After comparing various means of financing and taking into account the current interest rate environment, the Board considers that the Domestic Corporate Bonds Issue will increase the financing channels of the Company, meet its funding requirements in a timely manner, improve its debt structure and reduce the financing costs.
  3. DEFINITIONS
    In this announcement, unless the context specifies otherwise, terms used herein shall have the following meanings:

"China" or "PRC" the People's Republic of China, excluding, for the purpose of this announcement only, Hong Kong Special Administrative Region, Macau Special Administrative Region, and Taiwan;

"Company"BYD Company Limited, a joint stock company incorporated in the PRC with limited liability;

"Board"

the board of Directors of the Company;

4

"Director(s)"

the director(s) of the Company;

"Domestic Corporate

domestic corporate bonds proposed to be issued by the Company

Bonds"

with an aggregate principal amount of not more than RMB10

billion (including RMB10 billion);

"Domestic Corporate

the offer and issue of the Domestic Corporate Bonds in the PRC;

Bonds Issue"

"2018 Annual

the 2018 annual general meeting held at the Conference Room,

General Meeting"

No. 3009, BYD Road, Pingshan New District, Shenzhen, the PRC

on 6 June 2019 at 10:00 a.m.;

"Hong Kong"

the Hong Kong Special Administrative Region of the PRC;

"Hong Kong

The Stock Exchange of Hong Kong Limited;

Stock Exchange"

"Listing Rules"

the Rules Governing the Listing of Securities on the Hong Kong

Stock Exchange;

"RMB"

Renminbi, the lawful currency of the PRC.

By Order of the Board

BYD Company Limited

Wang Chuan-fu

Chairman

Shenzhen, PRC, 22 November 2019

As at the date of this announcement, the Board of Directors of the Company comprises Mr. Wang Chuan-fu being the executive Director, Mr. Lv Xiang-yang and Mr. Xia Zuo-quan being the non-executive Directors, and Mr. Wang Zi-dong, Mr. Zou Fei and Ms. Zhang Ran being the independent non-executive Directors.

5

Disclaimer

BYD Company Limited published this content on 22 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2019 12:46:04 UTC

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