Great Wall Motor set to float A shares for expansion
(chinatrucks.com, Mar.05, 2010)Great Wall Motor Co., Ltd. (SEHK: 2333) is getting ready for the Chinese yuan-denominated A-share listing to raise cash for production capacity expansion, said its president.
As a pickup and SUV maker, Great Wall Motor has been listed on the Stock Exchange of Hong Kong (SEHK). In July 2008, it planned to issue 122 million A-shares, raising capital for its automatic transmission and high-efficiency diesel engine R&D, but this plan failed to get regulatory approval.
The boom of domestic stock market and auto market in 2009 inspired the Hong Kong-listed automaker again. It expects to gain more financing for its best-performing projects, including two new bases.
The first phase of its new base in Tianjin, north China, will be completed in October, with an annual production capacity of 300,000 vehicles, and the 300,000-unit second phase of the project is scheduled for completion in 2012.
The company will put another new base into operation in 2013. Located in its headquarters city of Baoding, Hebei province, the project is designed to turn out 500,000 cars per year.
Last year, Great Wall Motor sold 225,000 sedans, SUVs, and pickups, up 77%, and this year it aims to sell 400,000 units. It targets its annual capacity and sales at 2 million and 1.8 million respectively by 2015.
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