Investing.com-- BYD Co (HK: 1211 ) (1211.HK), China’s top electric vehicle maker, revised its profit distribution plans on Wednesday to issue bonus shares alongside dividends, sending its Hong Kong-listed shares 5% higher.

The company proposed distributing eight bonus shares and 12 capitalization shares for every 10 shares held, alongside a cash dividend of RMB39.74 per 10 shares.

Capitalization shares are new shares given to existing shareholders for free, using the company’s capital reserves.

The move, aimed at rewarding shareholders and improving liquidity, would increase BYD’s outstanding shares by over 6 billion, the company said in a filing.

Hong Kong-listed BYD shares jumped 5% to HK$394.60 as of 05:43 GMT, outpacing the broader market.

The proposal is subject to shareholder approval at an annual meeting in June.