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Zenix says US IPO spurs growth
May 20, 2011, Friday
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CHINA Zenix Auto International Ltd, the nation's largest maker of wheels for commercial vehicles, said listing shares in the United States paves the way for making acquisitions as it seeks to grow in developed markets.
China Zenix sold 12.9 million American depositary receipts on May 11 at US$6 each, the low end of the range sought in its initial public offering.
Proceeds will be used for general corporate purposes including building plants in India and China, said Yifan "Frank" Li, the company's chief financial officer.
China Zenix plans to expand its aluminum wheel business in developed markets including the US and Europe in the next three to five years, Li said.
China Zenix has five manufacturing facilities in China with annual production capacity of about 12.5 million steel wheels.
China Zenix sold 12.9 million American depositary receipts on May 11 at US$6 each, the low end of the range sought in its initial public offering.
Proceeds will be used for general corporate purposes including building plants in India and China, said Yifan "Frank" Li, the company's chief financial officer.
China Zenix plans to expand its aluminum wheel business in developed markets including the US and Europe in the next three to five years, Li said.
China Zenix has five manufacturing facilities in China with annual production capacity of about 12.5 million steel wheels.
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