9.8Chairman says Chery Auto set for IPO in H1 '10

Chairman says Chery Auto set for IPO in H1 '10

 

http://autonews.gasgoo.com/auto-news/1012072/Chairman-says-Chery-Auto-set-fo
r-IPO-in-H1-10.html

 

Shanghai, September 8 (Gasgoo.com) Yin Tongyue, chairman of Chery Automobile
Co., Ltd., has recently disclosed that the company is preparing to get a
domestic listing in the first half of next year, sina.com said today.

 

Chery Auto started working on the initial public offering (IPO) plan about
four years ago, but the application was shelved in late 2008 amid a market
slump as the global financial crisis struck home.

 

Chery Auto has reportedly completed in June the last round of financing
before the listing. It raised 2.9 billion yuan from several investment
institutions. 

 

As to where to conduct its IPO, the Chery chairman once said on several
occasions that the Chinese yuan-denominated A-share market would be the
first choice for his company. 

 

Mr. Yin has also denied the recent media report that Chery Auto would put
aside Anhui Jianghuai Automobile Co., Ltd. (JAC) and acquire a vehicle
manufacturer in Henan, central China. 

 

Chery Auto plans to set up a 1.77 billion yuan ($259 million) factory to
produce minivans and light trucks in Kaifeng city, Henan province, China
Business News reported last week.

 

Though it is mainly known for its low-end cars such as the QQ series, Chery
Auto remains highly confident of its entry in the mid- to high-end car
market, starting with its Riich-brand sedans.

 

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