BYD postpones one-year issue of shares

Compared with the highest share price of April this year, BYD has fallen more than 30% "Caixin Net" (reporter Bao 14th from Beijing) car and battery maker BYD shares (01211.HK, hereinafter called BYD) announced today (July 14) that the issuance of a-share plan will be extended for one year to September 7, 2011.　　In accordance with the resolution of September 8 last year, BYD intends to be listed in Shenzhen Stock Exchange, to raise 2.85 billion yuan, will invest in the following projects: Lithium-ion battery production project, the development and production base project, BYD Automotive Co., Ltd. to expand the variety and auto Parts project, 1gw/Year two 300mw/year project. Analysts said the postponement was due to a sharp fall in Yadi H shares this year.　　Compared with a peak of HK $81.80 this year on April 7, BYD's shares have fallen by more than 30% per cent. H shares have risen 4 times-fold since BYD launched its 1.4 billion-dollar IPO in July 2002.　　Wall Street Warren Buffett's Berkshire Hathaway owns 10% per cent of BYD.　　Bloomberg quoted BYD spokeswoman Paulin as saying that the current performance of both domestic and global equities is not particularly good, so it should be enough time to choose the best time to market. BYD car sales in 2009 showed a significant increase in car shipments doubled to 448,000. Ricon Xia, an analyst at Daiwa Institute in Japan, said BYD missed the best time to go on the market when demand for cars soared.　　The current disadvantage is that BYD does not have control over the approval process for a A-share sale, and must fully listen to the regulatory authorities to determine when the stock will be sold specifically. Morgan Stanley maintained BYD's "hold" rating, lowering its target price from HK $70 to HK $64.　　Morgan Stanley lowered BYD's 2010-2011 earnings forecast of 7.3% and 1.1%, with a forecast of HK $2.56 and HK $2.99 per share earnings forecasts for the next two years. Morgan Stanley said BYD's profitability and equity returns were better than those in the industry, with the new energy concept, advising investors to buy the shares at a low point.　　BYD to launch new energy vehicle E6 in US. BYD Rose 1.38% to close at HK $55.15 today.