Shanghai, September 4 (Gasgoo.com) Lifan Group, one of China's biggest motorcycle makers which is diversifying into car production, has submitted an application to China Securities Regulatory commission for an initial public offering in Shanghai.
Lifan president Yin Mingshan confirmed the situation on Wednesday but said that the company is not sure when it will be approved.
In last July a source familiar with the case told Reuters that Lifan would likely to raise as much as 3 billion yuan ($439 million) through the IPO plan.
Yin added that Lifan is joining hands with Chinese Academy of Science to develop a Lifan 620 electric car and the first prototype model has already been tested on road for two months.
Lifan is 13.5% owned by American International Group Inc (AIG.N).
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