The shares of the Chinese electric car manufacturer BYD rose significantly after the company introduced a new fast-charging technology and announced an employee participation program.

The BYD stock in Hong Kong rose by up to 6.0 percent to a record high of 408.80 Hong Kong dollars (52.61 US dollars) before gains were reduced to 3.2 percent. The shares listed in Shenzhen increased by 0.5 percent.

The company presented a new charging technology that is said to enable a range of 400 kilometers in just five minutes of charging time. This could allow electric vehicles to be charged as quickly as conventional cars are refueled, according to BYD. The new technology will be used for the first time in the Han L and Tang L models, which are to be launched next month.

In addition, BYD announced that it would issue up to 10 percent of its total share capital to employees this year. The maximum participation of a single employee should not exceed 1 percent of the outstanding share capital.

BYD remains the leading manufacturer of electric vehicles in China and sold 318,233 vehicles in February. Competitor Tesla, on the other hand, is losing market share: Sales in China fell by 49 percent compared to the previous year, to 30,688 units.

With the introduction of its "God's Eye" driver assistance system in its mass-market models, BYD is further advancing competition in the field of autonomous driving.

The company will present its figures for the fourth quarter next Monday.