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Chery Auto says it is ready for IPO but offers no timetable
Shanghai. February 27 (Gasgoo.com) – After three-year preparations, the Wuhu-based Chery Automobile said it has well-prepared IPO plans and awaiting approvals from regulatory authorities, local newspaper 21st Century Business Herald reports today.
The paper, citing unnamed officials from both Chery and the local government, says Chery will seek an overall listing in both Shanghai and Hong Kong market. But it's not clear which market will go first.
The timetable for Chery's IPO will not become clear until the conclusion of Beijing Olympic Games in late August, the paper says.
Chery's listing plan has been revealed three years ago, but didn't make much progress ever since. Its annual financial report continued to be unqualified from the inefficient finance management.
As China's leading local automaker, Chery Auto sold a total of 381,000 vehicles last year, up 24.8 percent from the previous year. Its exports are likely to reach 180,000 units this year after surging 132% to 119800 units in 2007.
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