Chinese electric vehicle maker BYD has raised $5.95 billion in a primary share sale that was increased in size, according to a term sheet seen by Reuters on Tuesday.

Chinese electric vehicle maker BYD Co. has raised HK$43.5 billion ($5.6 billion) after selling 10% more shares than planned, according to people familiar with the matter, in Hong Kong’s biggest share sale in nearly four years.

The Chinese electric vehicle-maker plans to use proceeds from the share sale for investments in research and development.

Chinese electric vehicle maker BYD has launched a sale of its Hong Kong shares to raise up to $5.2 billion via an accelerated book-building, according to a deal term sheet seen by Reuters on Monday. The company has set a price range of HK$333-HK$345 per share for the offering,

BYD Co. (OTCPK:BYDDF) (OTCPK:BYDDY) is looking to raise as much as HK$40.7B ($5.2B) in a primary placement, Bloomberg reported on Monday. The electric vehicle maker is offering 118M shares at a price between HK$333 and HK$345 per share,