Shanghai, January 21 (Gasgoo.com) China's motorcycle giant Lifan Group is set to submit a plan later this month for a public listing in Shanghai, the Shanghai Securities News reported last week, citing a senior company executive.
Lifan, a top China motorcycle maker expanding into car production, said earlier that it aimed at an initial public offering to raise as much as 3 billion yuan ($439 million). At least half of the funds raised will be used in R&D and manufacture of automobiles and motorcycles.
"The preparation work for an A-share IPO has been finished, and all the auditing is done," said Guan Fengjin, vice president of the group. The IPO application will be submitted to the China Securities Regulatory Commission, the nation's securities watchdog, by the end of this month.
The Chongqing-based company, 13.5% owned by an American International Group Inc affiliate, reportedly, has hired Guotai Junan Securities to advise on the A-share IPO.
In September, Lifan said it was joining hands with Chinese Academy of Sciences to develop a Lifan 620 electric car and the first prototype model had already been tested on road for two months.
Lifan Automobile Co, Lifan Group's auto-making subsidiary, launched its collector's edition of the Lifan 320 prototype in October at the Hangzhou auto expo. The Mini Cooper-like model was priced at 39,800 yuan.
