China
Great Wall Motor Co plans to sell 300 million new shares in Hong Kong, the company
said in a statement yesterday. The
issuing of additional shares requires approval from the board of directors, which
next meet on November 13, the Baoding, Hebei Province-based company said in the
statement. It did not provide other financial details. The
company is seeking capital to fund expansion into passenger cars and develop markets
overseas. Great
Wall plans to sell nearly half of its production overseas by 2010. This would
mean exporting about 150,000 units, according to its newly released overseas development
strategy. The
figure is nearly seven times more than last year, when it exported 18,000 units,
ranking first in terms of both export volume and export value among Chinese carmakers.
It will debut
three of its vehicles at the upcoming Paris Auto Show from today through October
15, including the diesel and gasoline version of its luxury Hover SUV. From
January through September, it exported more than 25,000 units, up 147 percent
year on year. According
to Wang Fengying, general manager of Great Wall, it is considering setting up
assembly lines for completely knocked down and semi-knocked down production in
Europe and
the United
States.
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