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Guangzhou Auto plans to raise $900 M by Shanghai and H.K. IPOs
Shanghai. February 25 (Gasgoo.com) – China’s fourth largest auto group Guangzhou Auto Group is restarting its IPO initiatives in both in Shanghai and Hong Kong markets, Chinese Business News reported today.
Guangzhou Auto plans to raise at least $900 million from both Shanghai and Hong Kong markets and the money will be used to fund research and development of upscale sedans. Guangzhou Auto is planning to develop middle and high end segment sedans in cooperation with foreign automakers, the news report said.
Guangzhou Auto’s listing plan, which was first unveiled as early as in 2002, has long been delayed due to China’s anemic stock market and stagnant automobile market between 2002 and 2005.
Besides Guangzhou Auto, China’s other major players, Changan Auto, Beijing Auto and Chery Auto are also planning IPOs either in Shanghai market or overseas markets.
Last year, Guangzhou Auto’s total sales revenue reached RMB 100 billion yuan ($13.97 billion) and its net profit reached RMB 10 billion ($1.40 billion).
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