8.18FAW Group may seek group listing in Shenzhen

FAW Group may seek group listing in Shenzhen

 

http://autonews.gasgoo.com/auto-news/1011801/FAW-Group-may-seek-group-listin
g-in-Shenzhen.html

 

Shanghai, August 18 (Gasgoo.com) Chinese auto giant FAW Group may seek a
group listing through its Shenzhen-listed FAW Car Co and issue new shares
worth tens of billions of yuan, Shanghai Daily reported today.

 

FAW Group, China's second biggest automaker (after SAIC), has hired UBS
Securities Co as its adviser. Major assets will involve stakes in its
ventures with Germany's Volkswagen and Audi, and Japan's Toyota Motor and
Mazda Motor.

 

FAW's IPO plan was shelved in mid-2007 due to a poor market environment. FAW
is considering another listing on the Hong Kong stock exchange. Shares of
FAW Car had grown 15% since May to 17.61 yuan ($2.6) before trading was
suspended yesterday.

 

The long-awaited listing plan came at a time when the central government is
restructuring major state-owned companies and encouraging them to list
core-assets in an effort to create globally competitive firms. 

 

FAW Group owns 22 subsidiaries, including four listed units, and has stakes
in another 14 companies. FAW sold 862,800 vehicles in the first half of this
year.

 

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