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China car franchiser Zhongsheng plans $1 bln IPO

From Reuters| January 06 , 2010 09:47 BJT

Chinese automobile franchiser Zhongsheng Group aims to raise between $800 million and $1 billion from a Hong Kong initial public offering in first quarter of 2010, sources close to the deal said on Tuesday, aiming to tap the robust growth in the country's auto market.

Deals

Zhongsheng, based in Chinese harbor city of Dalian, mainly provides sales, spare parts, services and surveys businesses for major international automobile brands, including Audi and Toyota in China, now the world's biggest car market.

Morgan Stanley and UBS are handling Zhongsheng's IPO.

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