Beijing Auto to form unit for IPO in mid-september

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Beijing Automotive Industry Holding Co. plans to form a unit in mid-September intended for a public listing, China Business News reported today, citing Chairman Xu Heyi.

The carmaker will exceed its 150 billion yuan sales target for this year, the newspaper cited Xu as saying. Beijing Auto will also surpass its production target and its target for number of units sold this year, Xu was cited as saying.

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