BYD(SZ:002594) Zheng Quan Shi Bao Wang·2025-04-27 07:19Group 1 - BYD has announced a high stock split plan of 10 shares for 8 shares and a capital increase of 12 shares for every 10 shares, along with a cash dividend plan of 12.077 billion yuan, marking a significant event in the A-share market where high stock splits have been rare due to regulatory constraints [1] - The stock split will increase BYD's total share capital from 3.039 billion shares to 9.117 billion shares, nearly tripling the circulating shares, which is expected to lower the investment threshold for investors and enhance trading activity [1] - The recent financing of over 3 billion Hong Kong dollars and a net profit exceeding 40 billion yuan last year are seen as factors supporting BYD's high dividend distribution [1] Group 2 - The capital market's attitude towards high stock splits is changing, with recent regulatory improvements and a desire for high-quality development among listed companies [2] - High stock splits have previously been associated with stock price manipulation and insider trading, leading to regulatory measures to limit split ratios, but the market environment is evolving [2] - For leading companies with sustained performance growth, there is a greater acceptance of innovative capital operations, as they seek to lower investment thresholds and optimize capital structures [3] Group 3 - High stock splits represent an internal adjustment of shareholder equity and are not directly linked to a company's operational and profitability capabilities, necessitating a rational market response [3] - Companies should remain cautious of the potential risks associated with excessive stock expansion, as evidenced by past cases like Hai Run Photovoltaics, which faced delisting due to high split ratios and operational pressures [3]