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Guangzhou Auto bids for Changfeng Motor

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 »