Shanghai Automotive Industry Corporation (SAIC), the biggest carmaker in China, plans to sell shares overseas for the first time. The company could raise in the region of US$1 billion.

SAIC asked Citigroup Inc., China International Capital Corp., Goldman Sachs Group Inc., UBS AG and other banks for proposals by July 10.

Auto sales rose 2.2 percent last month compared with a year earlier, after surging 29 percent in the first half.

Shanghai Auto has joint-ventures with General Motors and Volkswagen to build passenger cars and a partnership to make buses with Volvo AB.

The company raised about 254 million dollars from an initial public offering in China seven years ago.

(CRI July 13, 2004)