China automaker, Great Wall Motor Co Ltd , plans to list in mainland China by issuing not more than 304.2 million A shares, to meet an estimated 3.2 billion yuan ($492 million) capital expenditure, the company said.
The company did not say how much money it plans to raise, but based on Great Wall’s Friday close in Hong Kong, the mainland listing could raise about HK$3.58 billion ($459 million).
Great Wall Motor, which makes cars, pick-up vehicles and SUVs under its own brand name in China, also reported 900.6 million yuan net profit in three months to March 2011, compared with 2.83 billion yuan net profit for the whole of 2010.
Last week, the company forecast an 80 percent rise in first-half profit boosted by strong profits. .
The mainland listing is subject to approval from China’s securities regulator — China Securities Regulatory Commission — and the company said it had submitted a draft prospectus to the regulator.
Great Wall Motor is planning to start car production in Bulgaria by the end of this year in an effort to enter the European market.
Via: Reuters.
