Gasgoo.com (Shanghai April 18) - The Pangda Auto Trading Corporation, China's largest organization of automobile dealers, has applied to begin trading A shares online, the Beijing Times reported today. If its application is successful, Pangda will become the first automobile dealer network business to offer A shares.
Pangda will begin issuing 14,000 shares, with only 20 percent of those being offered offline. Shares will be offered at undervalued prices of between 40 to 47 yuan ($6.135-$7.208).
With rival companies ZhengTong Auto Services Holdings and Zhongsheng Group having already begun listing on the Hong Kong Stock Exchange, and Lentuo Group already on the New York Stock Exchange, there are currently no other automobile dealer groups offering A shares.
