BAIC to make public all its passenger car assets

Beijing Automotive Industry Holding Co., Ltd. (BAIC) will make public all its passenger car assets in a whole package, including the shares in Beijing Benz-Daimler Chrysler Automotive Co., Ltd. and Beijing Hyundai Motor Co., Ltd. held by the Chinese side, disclosed Wang Dazong, general manager of BAIC.

Beijing Motor Corp. is aimed at the overall listing of BAIC. In the initial operation, the stake in Beijing Benz owned by the Chinese side will be not involved, but when the listing is conducted finally, Beijing Benz and Beijing Hyundai will be both on the listed assets list, stressed the general manager.

The new company is scheduled to be formally inaugurated on September 25. The BAIC Chairman Xu Heyi said that Beijing Motor planned to go public within two years. The new company will make a debate on the Chinese yuan-denominated A-share market, predicted insiders.

Stated-owned BAIC aims to produce and sell 1.5 million cars and obtain operating revenue of CNY 150 billion in 2010, according to earlier reports.