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Guangzhou Auto targets IPO in 2007
click rate:2254 issue time:2007-03-10 08:12

Mar. 9, 2007 (China Knowledge) – Guangzhou Automobile Group Co. (Guangzhou Auto) aims to list on the stock market this year to fund the development of its own-brand vehicles, said the automaker’s general manager, Zeng Qinghong.

Preparation for a listing this year has already begun, said Zeng, without revealing the targeted stock exchange.

Other details like the targeted schedule for the IPO were also not revealed, although Reuters cited previous Chinese media reports as saying that Guangzhou Auto plans to float shares in Hong Kong to raise as much as US$800 million.

Guangzhou Auto, with Honda and Toyota as its partners, intends to launch its own-brand concept car this year and introduce a series of cars in the mid-to-high-range segment by 2010.