South Motors seeks to Hong Kong IPOs
China South Motors Corp. is expected to be listed on Hong Kong's Stock Exchange by the end of this year.
China South Motors Corp. will be listed in Hong Kong's Stock Exchange with its business in vehicles, parts, services and assets. Relevant National department announced the news on official website recently.
"According to information, South Motors has invited the investment bank Citigroup and Goldman Sachs Group for the listing, financing is about 500 million to 1 billion dollars.
In fact, South Motors to be listed in overseas markets has long been put on the agenda when the Group started.
South Motors owns the integration of assets including North Benz Auto Company, Baotou heavy truck, Chongqing Tiema group, Hebei Chang'an Automobile Co., Ltd. and 19 parts enterprises. In 2006, South Motors total assets are about 17 billion yuan, 4.7 billion yuan in net assets.
An industry analyst said that the group integrated listing will further strengthen the group overall production capacity and make it more competitive in domestic market.
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