Great Wall Motor: hope to start China listing process as early as September

Dow Jones Newswires (Hong Kong) - Chinese car maker Great Wall Motor Co. (2333.HK) said Wednesday it hopes to start its initial public offering of A shares ahead of a listing in China as early as September, once regulators approve the deal.

Great Wall Chairman Wei Jianjun told reporters the company expects China's securities regulator to consider its listing application in June. The company said in November its shareholders approved the IPO plan.

Great Wall applied to list A shares in China in mid-2008, but regulators rejected the request amid a market downturn.

The independent Chinese auto maker didn't say how much it plans to raise from the proposed A-share issue, but said earlier the listing could help increase its brand presence in China and boost its sales and market share.

Separately, Wei said Great Wall is targeting sales of around 500,000 automobiles this year, up from 363,482 in 2010. Great Wall produces cars, pickups and other trucks under its own brand in mainland China.