Changan Auto shares begin trading today

Shanghai January 11 (Gasgoo.com) Chongqing Changan Automobile Co's (000625) shares began trading today on the Shanghai Stock Exchange, China Securities Journal reports.

Changan Auto, a Chinese joint venture partner of Ford Motor, plans to raise 4 billion yuan ($599 million) by selling 410 million additional shares in maximum at 9.74 yuan per share to fund expansion.

The proceedings will be invested in updating technology of product line expansion, industrial upgrading of small-displacement engines, and the automaker's independent R&D capability.

All the projects done, Changan will be able to produce 220,000 units of the CM9, F202 and G401 minivans annually, as well as 120,000 CC series and 300,000 CB series engines per year. Besides, it will be able to carry out activities using the reaction level S5/P5, and have facilities supporting vehicle testing, trial methods, design and construction, development, trial production, etc..

Changan has mastered 251 out of 286 core technologies for automobile R&D at present. Sales of its own brand vehicles account for more than 60% of its total sales, which is the highest among China's top four auto groups.