GAC Group’s NEV unit said to go public on STAR Market

Shanghai (Gasgoo)- GAC NE, the NEV unit of GAC Group, will unveil its IPO plan as early as November and is mulling over the listing on the sci-tech innovation board (STAR Market), a local media outlet reported earlier this month.

The listing of GAC NE will be carried out according to the overall development plan of GAC Group and GAC NE, and the long-term interest of the group's shareholders, a person at GAC Group said after being reached for comment.

As of now, there has been no plan that can be announced yet, said the person.

Aion S

According to the Chinese corporate data platform Tianyancha, the registered capital of GAC NE was increased from 782.73 million yuan ($118.461 million) to 1.419 billion yuan ($214.751 million) in mid-October. The NEV manufacturer noted that this is a normal capital increase made by shareholders and the proceeds will be used for the R&D of new products and technologies.

As GAC Group's wholly-owned subsidiary, GAC NE was founded in 2017 and broke ground on its EV plant in the same year. Currently, it has such models for sale as the Aion S, Aion V, the Aion LX and the Trumpich GE3, which are all under the brand of Trumpchi.

Some local reports disclosed last month that Aion will be separated as an independent brand in November to run in parallel with GAC Trumpchi.

GAC NE sold 7,106 vehicles in October, a year-on-year surge of 57%, according to GAC Group. For the first ten months, the NEV maker saw its total sales soar 72% from a year ago to 45,797 units.