Greatwall Motor plans to issue up to 121.70 mln A-shares to investors
Great Wall Motor Co Ltd said it plans to issue up to 121.70 mln A-shares to investors in China for a listing on the Shanghai stock exchange. It said the size and pricing of the proposed A-share issue will be determined based on the China securities market condition at that time and subject to approval from the relevant China regulatory authorities.
Great Wall said it will use the net proceeds from the A-share issue for the production of 100,000 sets of automatic transmission systems, as well as for the research and development of new high performance diesel engines.
The remainder will be used for the research and development of global advanced SUVs, the expansion of a technical center for national standards, the research and development of C-grade sedans and the establishment of a testing center.
At 3.15 pm, Great Wall surged 3.08 hkd or 27.02 pct at 14.48.
(1 usd = 7.8 hkd)
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