11.24 Guangzhou Auto starts to accelerate overall listing

Guangzhou Auto starts to accelerate overall listing

http://autonews.gasgoo.com/auto-news/1013074/Guangzhou-Auto-starts-to-accele
rate-overall-listing.html

 

Shanghai, November 24 (Gasgoo.com) Guangzhou Auto Co. (GAC) is seeking to go
public as a step forward in the new round of strategic development,
announced Zeng Qinghong, the general manager of GAC, yesterday at the
ongoing Guangzhou Auto show, reported Xinhua News.

 

GAC has been making efforts to deepen strategic restructure, strengthen the
industry chain and seek proper cooperation, which promote its vast
transformation from manufacture base to industrial base.

 

By the end of September, GAC has invested 1 billion yuan ($147 million) to
take over 29% stake of SUV-maker Changfeng Motor in Hunan province.

 

In early November, GAC-Fiat set up a joint venture in Changsha, capital city
of Hunan, with a total investment of 5 billion yuan.

 

A 50-50 JV project between GAC and French bank Sofinco has recently got
approved by China Banking Regulatory Commission and is to provide financial
service for the high-end clients and dealers of GAC.

 

In the first ten months this year, GAC sold 480,000 vehicles and reached the
revenue of 98.6 billion yuan,Zeng said. With the strong momentum of
development, GAC will accelerate the overall listing and kick off a new
round of development.

 

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