Report: BYD receives approval for China IPO
In its prospectus released Wednesday, BYD stated that funds from its IPO will be used to construct a lithium-ion battery production facility, establish a vehicle research and development center and expand its automotive unit. The automaker says that it will disclose the official price for its IPO on June 20. BYD expects to be listed on the Shenzhen Stock Exchange by the end of June.
[Source: Business Week]
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