Lifan confirms mainland IPO plan
Lifan president Yin Mingshan confirmed the situation on Wednesday but said that the company is not sure when it will be approved.
In last July a source familiar with the case told Reuters that Lifan would likely to raise as much as 3 billion yuan ($439 million) through the IPO plan.
Yin added that Lifan is joining hands with Chinese Academy of Science to develop a Lifan 620 electric car and the first prototype model has already been tested on road for two months.
Lifan is 13.5% owned by American International Group Inc (AIG.N).
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