BYD Co. (HKEX: 01211) announced that Hillhouse Capital has invested $200 million in the company
“We really appreciate Hillhouse Capital's investment. We believe that the combination of cutting-edge capital and advanced manufacturing technologies will offer BYD better development prospects,” said Yunfei Li, the leader of BYD's Branding and PR Division.
Notably, Hillhouse Capital had offloaded its stakes in several Chinese EV makers listed in the United States, including Nio (NYSE: NIO), Xpeng Motors (NYSE: XPEV) and Li Auto (Nasdaq: LI) by the fourth quarter of 2020.
BYD said in the announcement that it plans to use funds for working capital, repayment of interest-bearing debt, R&D investment, and general corporate purposes.
In January, the company reported its vehicle sales reached 42,401 units, representing an increase of 68.44% year-over-year while falling 24.72% from last month.
Late in 2020, BYD said it plans to spin off its subsidiary BYD Semiconductor Co., Ltd. for a public listing. Founded in 2004, BYD Semiconductor’s main business covers the R&D, production and sales of power semiconductors, smart control ICs, smart sensors, and optoelectronic semiconductors.
According to the China Securities Regulatory Commission, BYD Semiconductor is in talks with CICC and filed with the Shenzhen Zhengjianju on January 8.
Shares of BYD closed at HK$253.8 Thursday in Hong Kong, down 4%.