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09-05-2007
Changan
Auto, China's fourth largest automaker, plans
to raise $500 million to $1 billion in an initial
public offering by the end of this year, probably
in Hong Kong, a person familiar with the matter
said on Tuesday.
Changan
Auto has partnered with U.S. automaker Ford
Motor Co. and is the country's largest manufacturer
of mini-vans.
Changan
Auto is already listed on the Shenzhen stock
exchange, and its shares were up 2.59 percent
at 15.85 yuan in early trading on Tuesday.
The
Chongqing-based company posted a 14-percent
decline in first quarter profit last month but
gave no explanation for the decline in earnings.
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