BYD : ISSUE OF THE DOMESTIC CORPORATE BONDS

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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.

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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.

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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 《( 公
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.

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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;

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"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.

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