By Scott Murdoch and Zoey Zhang
Sydney electric vehicle manufacturer (Reuters) on Tuesday said it had risen $ 5.59 billion in sales of primary shares increased in size, making it the most of its kind in Hong Kong in four years.
The company said it sold 129.8 million primary shares in the deal, up from the 118 million original shares planned when it launched the deal on Monday.
Hong Kong's World's shares opened down 8% on Tuesday, as per the drop in which the stock was sold in the deal, while Hang Seng's index was off 1.5%.
The World said the transaction was the largest equity subsequent offer globally in the automotive sector over the last decade.
The Al-Futtaim United Arab family office was an emirates was a key investor in the sales of shares, and both companies planned to form a strategic partnership, says World. He did not say how much the family had invested.
Most Chinese automators have eyeed the Middle East to grow their foreign sales in recent years but the market is considered small compared to the domestic Chinese market.
Stimulating his competitive lineup of battery -powered affordable vehicles, a world has quickly emerged to be China's largest automation since 2022.
Over 90% of total world sales of 4 million cars in 2024 in China, where it accounted for more than a third of total sales of pure and plug-in hybrids in the world's largest auto market.
The world sold the shares in HK $ 335.20 ($ 43.11) each, a decrease of 7.8% to the stock closure of HK $ 363.6 on Monday.
The shares were marketed in a price range of HK $ 333 to HK $ 345 per share each in the accelerated book building.
Sales of world shares are the largest of its kind in Hong Kong since 2021, when Meituan rose $ 6.9 billion, according to LSEG data.
The deal reflects an increasingly positive feeling in Hong Kong and China, especially in the technology sector following a high -level summit of technology executives led by Chinese President Xi Jinping. China's policy makers have also identified a higher level of support for the country's private sector.
Hong Kong Fys shares have risen by 36.38% so far this year while its listed stock listed in Shenzhen has increased by 27.4% on the back of the better technology sector feeling.
The company plans to use the returns to invest in R&D, expand foreign businesses, complement working capital, and for general purposes.
The automaker has been accelerating its expansion to add production facilities and employs more employees as it targets selling 5 million to 6 million cars in 2025, at the same level as General Motors and Stellantis in the world. A world said it had nearly a million workers at the beginning of September, more than Toyota and Volkswagen with each.