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Chang'an Auto parent eyes overseas IPO
Last Updated(Beijing Time):2006-02-10 11:09

The parent of Chongqing Chang'an Automobile Co. (SZA: 000625; SZB:200625), Ford's main Chinese partner, has injected its major assets into a listing company, paving the way for an overseas float expected to raise 4 billion yuan (US$497 million), domestic media said Thursday.

The new firm, China Southern Auto Holdings Corp., has amassed 17 billion yuan in assets. It controls 52.5 percent of Chongqing Chang'an and has stakes in 14 auto parts subsidiaries of the parent firm, the Shanghai Securities News said.

It has gained regulatory approval for an initial public offering (IPO) overseas to fund capacity expansions, the paper said, without giving further details.

In November, China's No. 3 automaker and Honda Motor Co. Ltd.'s partner, Dongfeng Motor Group Co. Ltd., raised HK$3.97 billion (US$509 million) in a long-awaited share sale in Hong Kong.

Several other Chinese carmakers are also planning IPOs to fund expansion. Shanghai Automotive Group Co. Ltd., which has joint ventures with General Motors and Volkswagen AG, aims to raise US$2 to US$3 billion in a Hong Kong listing this year.

Rival Beijing Auto, which has a joint venture with South Korea's Hyundai Motor Co. and DaimlerChrysler, plans to raise US$600 million in an overseas listing.

First Auto Works, China's largest vehicle maker and partner of Volkswagen, is eyeing an overseas listing within the next five years.

Source:Shenzhen Daily 
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