Changan Auto says plans $586 mln new share offer

Chongqing Changan Automobile Co said it plans to raise up to 4 billion yuan ($586 million) via a new public offer of yuan-denominated A shares to fund expansion and technical upgrading.

Changan Auto, a Ford Motor Chinese partner, needs 4.37 billion yuan to expand its production line, upgrade technology of auto engines and develop its research capability, it said in a statement published on Thursday in the official Securities Times.