Core Insights - BYD has completed a strategic investment in Harmony Auto's overseas new energy ICAR company, acquiring approximately 10% of its shares for $40 million, marking a shift from business collaboration to capital collaboration [1] - Harmony ICAR has successfully established and operated over 100 BYD outlets in more than 20 countries and regions, demonstrating strong international operational capabilities since the strategic cooperation began in October 2023 [1] - The opening of the first Tengshi brand flagship store in Munich on September 8, 2025, signifies Tengshi's entry into the German high-end market and enhances BYD's channel layout in Europe [1] - Following the capital transaction, BYD will empower Harmony Auto to accelerate its overseas development strategy in new energy, solidifying its role as a strategic partner in BYD's global expansion [1] - The release of capital synergy effects between BYD and Harmony Auto is expected to attract ongoing market attention [1]

Core Viewpoint - HARMONY AUTO (03836) shares surged over 12% following the announcement of BYD's (002594) strategic investment in HARMONY AUTO's overseas new energy subsidiary, iCar Group, with a $40 million acquisition of approximately 10% equity, marking a significant partnership shift from business collaboration to capital synergy [1] Group 1 - HARMONY AUTO's stock rose by 12.67%, reaching HKD 1.69, with a trading volume of HKD 10.02 million [1] - Following the investment, HARMONY AUTO's stake in iCar Group will be diluted from 55% to 49.5001%, while retaining 90.0001% of the voting rights, ensuring iCar Group remains a subsidiary [1] - Since the strategic cooperation began in October 2023, HARMONY ICAR has successfully established and operated over 100 BYD outlets across more than 20 countries and regions in the Asia-Pacific and Europe [1] Group 2 - The strategic investment signifies a new level of collaboration between HARMONY AUTO and BYD, enhancing HARMONY ICAR's service quality and operational efficiency [1] - BYD will empower and support HARMONY ICAR to accelerate its overseas new energy development strategy [1] - HARMONY ICAR is expected to play a crucial role in BYD's global development strategy following this investment [1]

Core Viewpoint - H harmonious Automotive's stock surged over 12% following the announcement of BYD's strategic investment in its overseas electric vehicle subsidiary, iCar Group, marking a significant step in their partnership [1] Group 1: Investment Details - BYD has invested $40 million to acquire approximately 10% of iCar Group, becoming a key strategic shareholder [1] - Post-transaction, harmonious Automotive's ownership in iCar Group will decrease from 55% to 49.5001%, while maintaining 90.0001% of the voting rights [1] Group 2: Strategic Implications - The investment signifies a transition from business collaboration to capital synergy between harmonious Automotive and BYD [1] - Since their strategic cooperation began in October 2023, harmonious iCar has established and operated over 100 BYD outlets across more than 20 countries and regions in Asia-Pacific and Europe [1] - The partnership aims to enhance service quality and operational efficiency for harmonious iCar, aligning with BYD's global development strategy [1]

Group 1 - H harmonious Automotive (03836) opened nearly 13% higher, currently up 12.97% at HKD 2.7, with a trading volume of HKD 2.5475 million [1] - H harmonious Automotive announced that independent third party BYD (01211) subscribed to 9.9999% equity of its subsidiary iCar Group, involving an amount of USD 40 million, which will be used for iCar Group's general operating funds [1] - iCar Group is primarily responsible for the overseas sales and after-sales service of BYD brand new energy vehicles [1] Group 2 - Since the strategic cooperation began in October 2023, H harmonious iCar has successfully established and operated over 100 BYD outlets in more than 20 countries and regions across Asia-Pacific and Europe [1] - This strategic investment marks a new level of capital collaboration between the two companies, reflecting BYD's recognition and trust in H harmonious iCar, as well as its strong support for partners and the concept of win-win cooperation [1] - After the investment is completed, BYD will empower and support H harmonious iCar to accelerate the overseas development strategy of new energy [1] - H harmonious iCar will also enhance service quality and operational efficiency, playing a significant role in BYD's global development strategy [1]

Core Insights - BYD, the world's largest electric vehicle brand, has strategically invested $40 million in Harmony ICAR, acquiring approximately 10% of the company's shares, thus becoming a significant strategic shareholder [1] - This investment is based on a solid cooperative foundation and strategic consensus between the two companies, highlighting their collaboration since October 2023 [1] - Harmony ICAR has successfully established and operated over 100 BYD outlets in more than 20 countries and regions across Asia-Pacific and Europe, demonstrating exceptional international operational capabilities and sustainable profitability [1] Investment Implications - The strategic stake acquisition marks a transition from business collaboration to capital synergy, reflecting BYD's recognition and trust in Harmony ICAR [1] - The investment underscores BYD's strong support for its partners and the philosophy of win-win cooperation [1] - Following the investment, BYD will empower and support Harmony ICAR to accelerate its overseas development strategy in the new energy sector [1] Operational Enhancements - Harmony ICAR is expected to enhance service quality and operational efficiency, playing a crucial role in BYD's global development strategy [1] - The partnership aims to contribute significantly to the development of global electric vehicles and create a new chapter in green intelligent mobility [1]