Hold on to your IPO hats - both parties are after a slice of foreign money, foreign money that they cant get hold of via the Chinese mainland markets.
BEIJING Automotive Industry Holding and Chongqing Chang’an Auto plan to raise US$1 billion each in initial share sales in Hong Kong, South China Morning Post reported, citing people that it didn’t identify.
Beijing Automotive, which runs ventures with DaimlerChrysler and Hyundai Motor, has hired Deutsche Bank to arrange the sale, Bloomberg quoted the Hong Kong-based English language newspaper as saying. Its venture with DaimlerChrysler boosted capacity by 105,000 cars a year after opening a plant in September, the paper said.
Chongqing Chang’an Auto, a Sichuan-based carmaker traded in Shenzhen, has a venture with Ford Motor Co, the paper said.
Better call my broker!
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