Shanghai Daily: Business - shanghaidaily.com
A CONTRACT manufacturer of mobile phones for customers, including Motorola Inc, and its parent could raise as much as HK$7.7 billion (US$989 million) in a Hong Kong initial public offering. BYD Electronic and parent BYD Co are selling 550 million shares, equivalent to a 25-percent stake, at HK$10.75 to HK$14 each, according to an e-mail sent to international institutions, Bloomberg News reported. BYD Co, based in Shenzhen in south China, has more than doubled in Hong Kong trading this year on expectations it may profit for a sale of its handset-component unit. BYD Electronic, which competes with Foxconn International Holdings Ltd for contracts to make phones, is building production plants in China, Hungary and Romania to meet demand. BYD Electronic makes casings and keypads for Nokia Oyj and Samsung Electronics Co, the world's top two mobile-phone makers, Daiwa Institute of Research said in a November 23 report. The Chinese company also assembles phones for Illinois-based