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Chery Auto plans to issue IPO next year -chairman

From JLM Pacific Epoch| December 21 , 2009 09:47 BJT

Chinese automobile manufacturer Chery Automotive plans to issue an initial public offering in the second half of next year, Finet reports citing a Sohu interview with company Chairman Yin Tongyao. According to Yin the company has no plans to purchase any foreign car companies, despite pressure to do so from some investment banks, the report said.

Reports last week said Geely Automobile Holdings (0175.HK) will get government support in its attempt to acquire the Volvo brand from Ford Motor Company (NYSE:F), while Beijing Automotive Industry Holding Group (BAIC) announced it has acquired intellectual property rights to Swedish car maker Saab.

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