China Auto Rental suspends IPO
By Jin Jing |
April 26, 2012, Thursday
|
Print Edition
Print Edition
CHINA Auto Rental, which may be the second Chinese company to go public in the US this year, suspended its plan for an initial public offering on Nasdaq yesterday due to sluggish market conditions.
The Beijing-based company said the current conditions could not reasonably reflect the value of the company. The decision was made a day before its scheduled debut.
Set up in 2007, it has grown into China's largest car rental company, expanding its business to a fleet of 29,000 cars by the end of March and operating in 66 cities in China with more than 500 service locations.
The company earlier hoped to raise US$158.1 million in the IPO to help it expand its fleet and increase working capital. It planned to issue 11 million American Depositary shares, priced between US$10.50 and US$12.50 each.
Its IPO suspension also came after some Chinese-based firms were involved in fraud allegations before they obtain financing on the US stock market. The US Securities and Exchange Commission earlier accused China's commercial vehicle trader AutoChina International of stock manipulation.
The Beijing-based company said the current conditions could not reasonably reflect the value of the company. The decision was made a day before its scheduled debut.
Set up in 2007, it has grown into China's largest car rental company, expanding its business to a fleet of 29,000 cars by the end of March and operating in 66 cities in China with more than 500 service locations.
The company earlier hoped to raise US$158.1 million in the IPO to help it expand its fleet and increase working capital. It planned to issue 11 million American Depositary shares, priced between US$10.50 and US$12.50 each.
Its IPO suspension also came after some Chinese-based firms were involved in fraud allegations before they obtain financing on the US stock market. The US Securities and Exchange Commission earlier accused China's commercial vehicle trader AutoChina International of stock manipulation.
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