Chinese electric vehicle maker BYD said on Tuesday it had raised $5.59 billion in a primary share sale that was increased in size, making it the largest of its kind in Hong Kong in four years.

Long-term investors snapped up a significant chunk of BYD Co.’s $5.6 billion stock offering, people familiar with the matter said, a vote of confidence in the electric-vehicle maker and Chinese equities more broadly.

The EV maker’s rationale for the placement is reasonable, despite short-term share-price drop on the news, an analyst says.