Intense competition and demand for more funding are prompting private car makers in China to scramble to get listed on the A-share market, Shanghai Securities News reports.
Great Wall Motor (2333.HK), one of the leading pick-up truck makers in China, recently announced plans to issue A shares in Shanghai after failing to enter two years ago. The company announced yesterday it will issue up to 122 million shares, or 11.11 percent of the current stake and 10 percent of the total after listing, in Shanghai. The funds to be raised have not been disclosed. Great Wall Motor will shift its focus to diesel engines in the future.
Chongqing Lifan, a motorcycle maker, also finalized an IPO plan after four years of discussions. It will issue as many as 200 million shares to raise 1.48 billion yuan (US$2.21 billion) for developing passenger cars.
China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.