Great Wall Motor to issue 121.7 mln A-shares in China
Chinese car maker Great Wall Motor Co. (2333.HK) said Tuesday it will issue up to 121.7 million yuan-denominated A-shares in mainland China.
The company didn't say how much it plans to raise from the proposed A-share issue, but it said it will use CNY3.17 billion of the total proceeds for projects involving the production of diesel engines and other devices.
The company said its Hong Kong-listed shares will resume trading at 0130 GMT. The company's shares were down 0.2% at HK$20.65 at the midday break Monday before trading in them was halted.
The independent Chinese auto maker said earlier it plans to issue A shares as part of its long-term development as a domestic listing will help increase Great Wall's brand presence in China and boost sales and market share.
Great Wall applied to list A shares in China in mid-2008, but regulators rejected the request.
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