Shanghai, November 24 (Gasgoo.com) Guangzhou Auto Co. (GAC) is seeking to go public as a step forward in the new round of strategic development, announced Zeng Qinghong, the general manager of GAC, yesterday at the ongoing Guangzhou Auto show, reported Xinhua News.
GAC has been making efforts to deepen strategic restructure, strengthen the industry chain and seek proper cooperation, which promote its vast transformation from manufacture base to industrial base.
By the end of September, GAC has invested 1 billion yuan ($147 million) to take over 29% stake of SUV-maker Changfeng Motor in Hunan province.
In early November, GAC-Fiat set up a joint venture in Changsha, capital city of Hunan, with a total investment of 5 billion yuan.
A 50-50 JV project between GAC and French bank Sofinco has recently got approved by China Banking Regulatory Commission and is to provide financial service for the high-end clients and dealers of GAC.
In the first ten months this year, GAC sold 480,000 vehicles and reached the revenue of 98.6 billion yuan,Zeng said. With the strong momentum of development, GAC will accelerate the overall listing and kick off a new round of development.
