Auto dealers group preparing for listing this year

Shanghai, August 4 (Gasgoo.com) Power Diversity Automobile Trade Group Co, one of China's biggest automobile trading groups, is preparing a listing before the end of this year, the company's senior executive said on Monday.

"We have submitted an application to the China Securities Regulatory Commission (CSRC) as early as last year but the commission held up the process due to the impact of global economic crisis," said Li Jinyong, deputy general manager of Power Diversity Auto.

Li said now Power Diversity is expecting to get the CSRC approval before the end of this year, adding that the regulator has approved more than 30 enterprises' listing plan so far this year.

Power Diversity currently is the sales agent for more than 40 global auto brands including 15 commercial vehicle brands. The company is expanding its dealership networks nationwide and is expected to have 300 dealers by the year end.

Other Chinese auto dealer groups, including Shanghai YongDa (Group) holding Co, Zhejiang Yuantong Mechanical & Electrical Equipment (Group) and China Grand Automotive Service, are also preparing plans to go public, according to earlier media reports.