August 5, 2011 by Tycho de Feijter
SAIC Motor Group, China’s largest automaker by sales volume and revenue, announced that its asset-restructuring plan has received the green light from Chinese authorities. The approval brings SAIC Motor closer to its goal of becoming the first listed Chinese automaker to own its entire automobile-manufacturing chain.
August 1, 2011 by Tycho de Feijter
China automaker, Great Wall Motor Co Ltd , plans to list in mainland China by issuing not more than 304.2 million A shares, to meet an estimated 3.2 billion yuan ($492 million) capital expenditure, the company said.
The company did not say how much money it plans to raise, but based on Great Wall’s Friday close in Hong Kong, the mainland listing could raise about HK$3.58 billion ($459 million).
April 8, 2011 by Tycho de Feijter
Automaker taking over its parent’s car businesses in deal worth $4.37b
BEIJING – Shanghai Automotive Industry Corp (Group), China’s largest automaker by sales volume and revenue, is close to attaining total securitization by plunging all of its auto-related assets into its listed subsidiary SAIC Motor Corp, to increase the latter’s profitability, competitiveness and car making capabilities.
SAIC Motor Corp Ltd, the Chinese partner of Volkswagen AG and General Motors Co, will take over the auto assets of its parent, worth 28.6 billion yuan ($4.37 billion), by issuing 1.73 billion shares at 16.53 yuan each by preliminary estimates, according to a statement the company filed with the Shanghai Stock Exchange on Tuesday night.
March 24, 2011 by Tycho de Feijter
Guangzhou Auto already owns 29% of Changfeng Motor, now it wants the rest as well, a listing on the Shanghai Stock Exchange.
Guangzhou Auto seeks Shanghai listing with Changfeng Motor deal
Guangzhou Automobile Group Co Ltd, China’s No 6 domestic automaker, said it plans to seek a listing on the Shanghai Stock Exchange through a 5.23 billion yuan ($797 million) merger with GAC Changfeng Motor Co Ltd.
Guangzhou Auto, which has been expanding through mergers and acquisitions in recent years, said it forecast 2011 net profit will not be less than 4.96 billion yuan, compared with 4.3 billion yuan profit in 2010. Read more »