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Chery Auto revives initial offer plans

By Li Fangfang (China Daily)
Updated: 2009-07-22 08:05

China's largest private automaker Chery Automobile Co said yesterday that it was resuming plans for an A-share initial public offering (IPO) as the stock market has recovered from the effects of the global financial crisis.

"We are preparing for the IPO and hope to be listed soon," Chery's spokesman Jin Yibo told China Daily.

"As an ambitious auto manufacturer with long-term development plans, we are aiming to be ranked among the world's top 10 automakers in future, and IPO is a must-do for Chery right now," said Jin. "The current global industry slowdown due to the financial crisis provides Chery with the best opportunity to boost expansion plans by raising capital."

However, he refused to disclose where Chery was going to be listed and how much it hoped to raise through the IPO. But he said Chery was "qualified" to list, citing its strong financial status.

He did not reveal a timetable for the public listing but said the company was conducting due diligence now.

The Auhui-based automaker had applied for a domestic listing in June 2008, but the plan was put on hold due to the slump in the Chinese stock market.

Yin Tongyao, chairman and general manager of Chery, said in April that the company had submitted the necessary documents to the China Securities Regulatory Commission for an A-share listing in Shanghai. He too had not revealed the timeframe for Chery's planned float and how much it aimed to raise.

China resumed new share listings last month after suspending it for almost a year. The Shanghai Composite Index has jumped nearly 80 percent from 2008, a clear signal indicating a rebound of the domestic stock market.

Special Coverage: Restart of IPO Related readings:  Chery plans public listing to fuel expansion plans  Chery Auto aims for 18% car sales growth  Chery nets 2.9b yuan for growth  IPOs back after long suspension

Early in June, Chery raised 2.9 billion yuan ($424.53 million) from several local private equity investors for its development and expansion plans.

Last week, China's privately owned battery and automobile maker BYD Co said it was planning to raise capital for new projects through issuance of as many as 100 million A shares on the Shenzhen Stock Exchange, Reuters reported.

The Shenzhen-based company filed for a 58.5-million A shares listing in Shenzhen or Shanghai in January last year but later postponed the move due to the weak market conditions.

However, analysts said, it might take time for Chery and BYD to go public as many domestic automakers such as FAW Group Corp and Guangzhou Automobile Group Corp were still queuing up for a full listing.