1 bln U.S. dollars: Beijing Auto Holdings to HK IPOs

Beijing Auto Industry Holding Co. Ltd. (Beijing Auto Holdings) is planning to be listed on Hong Kong's Stock Exchange this year, and achieves a fund-raising target of one billion U.S. dollars.

Beijing Auto Group had begun planning overseas listing as early as 2004.

In 2006, Beijing Auto holding car sales were 685,000 units, sales revenue were 58.7 billion yuan, ranking fifth in the automobile industry. But this does not meet Beijing Auto Group's capital need -- several projects are urgently in need of funds for construction. According to the plan, Beijing Auto Holdings will set up a platform integrated with auto parts, research and development and trade services.

"In-depth cooperation with Hyundai and DaimlerChrysler indeed increased the demand for capital." Former Beijing Auto Group Chairman An Qingheng said.

Beijing Auto Group is actively introducing external funding. Beijing Auto Group two major subsidiaries-- parts companies and service firms will bring in investors. Currently, several enterprises are working with Beijing Auto Group on equity participation, joint ventures and co-operation.