BYD, the Chinese electric vehicle juggernaut headed by billionaire Wang Chuanfu, intends to raise HK$43.5 billion ($5.6 billion) to deal with fierce competition at home and to expand abroad.

BYD Co. BYDDY has raised $5.59 billion in a primary share sale, marking the largest such deal in Hong Kong in four years. It had initially planned on selling 118 million shares but then increased the offering to 129.

Tesla rival says follow-on Hong Kong offering is the biggest in the global automotive sector in a decade