Listing to tap robust car market
By Jin Jing |
June 19, 2010, Saturday
|
Print Edition
Print Edition
GUANGZHOU Automobile Group Co, China's sixth-largest auto maker, aims to trade its shares on the Hong Kong stock exchange on August 30, giving investors the opportunity to ride on the robust Chinese auto industry.
Guangzhou Auto, the Chinese partner of Toyota Motor Corp and Honda Motor Corp, plans to privatize its affiliate Hong Kong-listed Denway Motors before it starts trading of its 22.1 billion new shares, according to the company's statement yesterday. Trading its own shares will enable Guangzhou Auto to have direct access to international investors for funding to support future expansion.
On June 8, Guangzhou Auto, which holds 37.9 percent of Denway, agreed to raise the share swap ratio by 25 percent to 0.47 per share from the previous 0.37 to increase the attractiveness of the offer.
If the proposal is approved, Denway will be delisted after August 25, the statement added.
"The cooperation with Toyota and Honda has been very profitable, which will help Guangzhou Auto become more popular among investors," said Zhang Xin, an auto analyst at Guotai Jun'an Securities Co.
Guangzhou Auto, the Chinese partner of Toyota Motor Corp and Honda Motor Corp, plans to privatize its affiliate Hong Kong-listed Denway Motors before it starts trading of its 22.1 billion new shares, according to the company's statement yesterday. Trading its own shares will enable Guangzhou Auto to have direct access to international investors for funding to support future expansion.
On June 8, Guangzhou Auto, which holds 37.9 percent of Denway, agreed to raise the share swap ratio by 25 percent to 0.47 per share from the previous 0.37 to increase the attractiveness of the offer.
If the proposal is approved, Denway will be delisted after August 25, the statement added.
"The cooperation with Toyota and Honda has been very profitable, which will help Guangzhou Auto become more popular among investors," said Zhang Xin, an auto analyst at Guotai Jun'an Securities Co.
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