Chairman says Chery Auto set for IPO in H1 '10

Shanghai, September 8 (Gasgoo.com) Yin Tongyue, chairman of Chery Automobile Co., Ltd., has recently disclosed that the company is preparing to get a domestic listing in the first half of next year, sina.com said today.

Chery Auto started working on the initial public offering (IPO) plan about four years ago, but the application was shelved in late 2008 amid a market slump as the global financial crisis struck home.

Chery Auto has reportedly completed in June the last round of financing before the listing. It raised 2.9 billion yuan from several investment institutions.

As to where to conduct its IPO, the Chery chairman once said on several occasions that the Chinese yuan-denominated A-share market would be the first choice for his company.

Mr. Yin has also denied the recent media report that Chery Auto would put aside Anhui Jianghuai Automobile Co., Ltd. (JAC) and acquire a vehicle manufacturer in Henan, central China.

Chery Auto plans to set up a 1.77 billion yuan ($259 million) factory to produce minivans and light trucks in Kaifeng city, Henan province, China Business News reported last week.

Though it is mainly known for its low-end cars such as the QQ series, Chery Auto remains highly confident of its entry in the mid- to high-end car market, starting with its Riich-brand sedans.