Chery Auto plans IPO by year-end

Shanghai, July 29 (Gasgoo.com) Chery Automobile Co is preparing to go public before the end of this year at the latest, company Chairman said, according to the Economic Observer newspaper.

"We have had our IPO date postponed repeatedly amid share market gloom, but it will be come no later than the year-end," Yin Tongyao said.

Yin hoped the Shanghai Composite Index will return to 4,000 points by that time. He also confirmed Chery will go A-share alone instead of A+H IPO.
 
The listing plan has already been approved by the industry regulator -- the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

Chery is growing rapidly in recent years thanks to its small-car strategy. The automaker plans to boost its annual capacity to 1 million units by 2010, and its overall engine output is expected to hit 800,000 units after the completion of a third engine plant. Thus it is eager for IPO financing to ease the pressure on its cash flow.