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Lifan expects A share IPO later this year; AIG buys a 25% stake
Shanghai, January 28, (Gasgoo.com)--The US-based insurer American International Group (AIG) has bought a 25-percent stake in Chongqing Lifan Industry (Group) Co. a Chinese local automaker, which is scheduled to make initial public offering in the second half of this year, China Venture News reported today.
Besides AIG, a global investment company ranked 23rd in Fortune-500-listing, Lifan also sold a minority stake to a Shanghai-based investment company.
"Lifan has changed from a wholly owned private company to an incorporate company, and we're planning an integral listing for all assets under the group," said Hu Qi, general manager of Lifan Auto Sales Co.
Lifan eyes to raise more than 1 billion yuan ($133 million) from the IPO, said Yin Mingshan, Chairman of Lifan, at an industry conference late last year in Shanghai. He added that the company would raise additional 4.5 billion yuan ($600 million) later for further expansion.
Yin, who remains the largest shareholder in the group, hoped Lifan's annual production capacity will rise to 400,000 to 500,000 vehicles by 2015, which will be almost tenfold the current capacity.
Lifan aims to produce 60,000 cars this year, up 50 percent from the previous year. Its second plant in Chongqing will be put into operation this year. And its overseas production is forecasted to grow to 25,000 units by 2010.
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