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BYD Shenzhen IPO approved

Updated: 2011-05-16 14:54

(China Daily)

Regulators have approved an initial public offering on the Shenzhen Stock Exchange by battery and car producer BYD Co Ltd, according to a recent announcement of China Securities Regulatory Commission.

BYD plans to offer no more than 79 million shares in Shenzhen to raise 2.19 billion yuan that will be used in its lithium battery, auto parts and car businesses. Published reports say share trading will start in September at the soonest.

The company, 10 percent owned by Warren Buffett's investment firm Berkshire Hathaway Inc, went public in Hong Kong in 2002.

About Shenzhen

Shenzhen is located at the southern tip of the Chinese mainland on the eastern bank of the mouth of the Pearl River and neighbors Hong Kong.

The brainchild of Deng Xiaoping, the country's first special economic zone was established here by the Chinese Government in 1980. It has been a touchstone for China's reform and opening-up policy since then.