** HK shares of BYD 1211.HK rise 4.4% to an all-time high of HK$464.2

** Shenzhen-listed stock 002594.SZ climbs 2.3% to 404 yuan, a record high

** Citi lifts PT on HK stock to HK$727 from HK$688 and on Shenzhen shares to 669 yuan from 630 yuan

** Says China's passenger vehicle export pattern in first four months of 2025 is more favourable towards BYD, with plug-in hybrid EV exports showing signs of growth, accelerating overseas market share gain of BYD's batttery EV export, among others

** Adds BYD best positioned against any 2026 price cut as only major auto makers would be able to fully offset it from economy of scale, geographical sales mix changes going forward

** YTD, HK stock up 71.6%, Shenzhen shares up 39.7%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))