July 14, 2011 by Tycho de Feijter
First Automobile Works Group Corp (FAW) has worked out a detailed plan to create a listing vehicle, moving a step closer to a long-awaited initial public offering(IPO), its two listed subsidiaries said on Wednesday.
FAW would inject its 53 percent stake in FAW Car Co Ltd and 47.7 percent holdings in Tianjin FAW Xiali Automobile Co Ltd into the new company, capitalised at 78 billion yuan ($12.1 billion), according a stock exchange filing. FAW would hold 99.6 percent of the listed vehicle, it added.
June 21, 2011 by Tycho de Feijter
Shares of BYD Co. Ltd., the Chinese automaker backed by U.S. billionaire investor Warren Buffett, which will begin taking subscriptions for its initial public offering Tuesday, are likely to fall below their IPO price in Shenzhen like many other recently listed companies.
BYD said it will raise 1.42 billion yuan ($219 million) in its Shenzhen, China share sale, less than the company originally sought. BYD will sell 79 million shares at 18 yuan apiece, the company said in a statement to the Shenzhen exchange. The carmaker had planned to raise as much as 2.19 billion yuan, according to the statement.
June 17, 2011 by Tycho de Feijter
BYD Co Ltd, the Chinese car maker backed by US billionaire investor Warren Buffett, said late Thursday that it had received formal approval from China’s top securities regulator for an A-share listing on the Shenzhen market. Read more »