BYD, the Chinese electric vehicle manufacturer, has applied to list on the Mexican Stock Exchange (BMV) through its International Quotation System (SIC), following plans to build a factory in Mexico three months ago. This move aims to bolster BYD's presence in Latin America, where it saw a 63% sales increase in 2023, and recently launched its BYD Shark pickup truck in May 2024.
EqualOcean has learned that three months after announcing plans to build a factory in Mexico, Chinese electric vehicle manufacturer BYD (Build Your Dreams) has applied for listing on the Mexican Stock Exchange (Bolsa Mexicana de Valores, BMV).
BYD has submitted an application to list on the BMV's Global Market under the International Quotation System (Sistema Internacional de Cotizaciones, SIC), which allows Mexican investors to purchase stocks from global exchanges. Under this global market model, stocks of companies and exchange-traded funds (ETFs) from around the world are sold on the BMV.
An ETF on the BMV offers exposure to approximately 70 North American companies and trusts, identified as "direct beneficiaries" of the growing nearshore business trend. BMV launched its first such fund in March this year. Casa de Bolsa Finamex, based in Mexico City, will represent BYD in its operations on the BMV. This move to the BMV represents a significant step for the Chinese automaker in expanding its business in Latin America.
BYD entered the Mexican market in 2022, and by 2023, its sales in Mexico had increased by 63% year-on-year. In February 2024, BYD announced plans to open its first factory in Mexico. In May this year, BYD chose Mexico as the global debut location for its first pickup truck model, the BYD Shark. BYD stated that its stocks would begin trading on the BMV Global Market from Monday, June 10. The company also disclosed that the initial float of its N-series shares would be 1.1 billion shares.
The starting price for BYD shares will be HK$230.6 (approximately $30 USD), based on the closing price on June 3 on the Hong Kong Stock Exchange. The Shenzhen-based Chinese electric vehicle manufacturer first went public with its initial public offering (IPO) on the Hong Kong Stock Exchange in July 2002.