Sinotruck to raise $662 mln by Hong Kong listing next month

Shanghai. September 4 (Gasgoo.com) - China National Heavy Truck Group (Sinotruck) will list in Hong Kong to raise 5 bln yuan ($662.8 mln) by the end of September or early October, a senior Sinotruck official said yesterday.

The underwritter of Sinotruck's listing in Hong Kong is Morgan Standley and China International Capital Corporation.

Sinotruck had tried to list in June, but failed to pass the hearing process. The company has made improvements and two months later it passed the hearing.

The company originally hoped to raise 3.9 bln yuan ($517 mln) by Kong Kong listing, but it finally raised the amount to 5 bln yuan ($662.8 mln), according to a Chinese media report.

"In view of Sinotruck's market performance, the company should be able to reach that goal," said Cao He, an auto industry analyst from Minzu Securities Co.

Sinotruck, the flagship of China's heavy duty truck manufacturing industry, sold 61,3838 heavy duty trucks in the first seven months this year, up 73.4 percent from a year earlier.

The company original planed to sell 80,000 heavy duty trucks; it has now raised the sale target  to 100,000 vehicles this year.