Jul. 17, 2009 (China Knowledge) - BYD Co<1211>, which is China's largest rechargeable battery maker and a well-known automobile producer, on Thursday announced that it plans to apply to issue up to 100 million shares in an initial public offering on the Shenzhen Stock Exchange.

The company said in a statement that its board of directors on Wednesday approved the A-share listing plan.

The proceeds will be used to fund the production of lithium-ion batteries, the research and development of automobiles, the expansion of an auto and auto parts and a solar battery project, according to the statement.

The company stated that the A-share offering will provide a new financing platform that will facilitate further business growth and strengthen its competiveness.

The company was preparing for an A-share IPO in early 2008, but plans were shelved owing to the slump stock market last year.

In the first half of this year, BYD sold 176,795 vehicles, representing a significant growth of 176% from a year earlier, according to an earlier report from China Knowledge.