FAW Group may seek group listing in Shenzhen
Date:2009-08-20
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.
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.
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.
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