Changan Auto issuing additional A-share stocks

Changan Motors' fund-raising proposal to issue additional A-share stocks has been approved by the China Securities Regulatory Commission (CSRC), under the condition that the additional stocks do not exceed 465 million, according to a public announcement by the domestic automaker.

The company plans to raise 4 billion yuan ($599 million) to invest in production line & low-emission engine upgrading as well as the R&D field.

Changan has attached great importance to independent innovation, and the sales of independently-developed models ranked the first among the top four domestic auto brands.

The production volume of the independently-developed models under the brand ranked in the 13th position worldwide with a brand value of 27 billion yuan ($4.05 billion).