Great Wall Motor Re-aims at Domestic Stock Market
Chinese automaker Great Wall Motor Co., Ltd. lately re-announced its plan to list on the Chinese Mainland stock market via offerings of Chinese yuan-denominated A shares.
As early as July 2008, the pick-up and SUV manufacturer was set to offer 122 million A shares, mainly to raise money for its R&D of automatic transmission and high-performance diesel engine. But the plan was rejected by the China Securities Regulatory Commission during a sluggish period on the mainland stock market.
In the first half of 2009, Great Wall Motor sold 91,000 cars in total, with its mainland sales hiking 110% from the comparable period of last year. Besides, the monthly sales of Great Wall Florid and Coolbear sedans have respectively reached 5,000 and 3,000 units by far, compared to the company's single-brand sedan sales of 9,754 units in entire 2008.
In addition, Great Wall Motor hopes to start the mass production of its CHC011 C-class sedans around 2011. And upon its fundraising plan last year, CNY 380 million of the raised capital was aimed at C-class sedan R&D.
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