[ad_1]
Geely Auto has utilized for a public share sale on Shanghai’s Nasdaq-style STAR Market, change filings printed on September 1 confirmed. The firm plans to make use of the proceeds to fund funding price round 20 billion yuan ($2.93 billion) in new automobile fashions and applied sciences.
View Photos
Geely has employed China International Capital & Huatai United Securities as underwriters for the itemizing
Geely Automobile Holdings Ltd has utilized for a public share sale on Shanghai’s Nasdaq-style STAR Market, change filings printed on Tuesday confirmed. China’s highest-profile automaker, because of mum or dad group investments in Daimler AG and Volvo Cars, plans to make use of the proceeds to fund funding price round 20 billion yuan ($2.93 billion) in new automobile fashions and applied sciences, it mentioned within the submitting.
The Hangzhou-based automaker, managed by its billionaire chairman Li Shufu, posted a January-June internet revenue of two.three billion yuan.
Sales had been down 19% to 530,446 autos, with income down 23% at 36.82 billion yuan.
Under merger talks that had been suspended in July, its mum or dad group had deliberate to merge the automaker with affiliate Volvo Cars and record the successor in Hong Kong and presumably Stockholm.
Geely’s Hong Kong-listed shares commerce at 22 instances trailing earnings, in contrast with STAR Market’s common earnings multiples of 96.
Its Shanghai itemizing plan might increase its Hong Kong-traded shares.
Semiconductor Manufacturing International Corp’s (SMIC) Hong Kong-listed shares greater than doubled within the six months forward of its Shanghai itemizing on July 16.
Geely has employed China International Capital Corp and Huatai United Securities as underwriters for the itemizing, its prospectus confirmed.
(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)
0 Comments
For the newest auto information and critiques, comply with carandbike.com on Twitter, Facebook, and subscribe to our YouTube channel.
[ad_2]
Source