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Shanghai Automotive seeks overseas stock listing

BEIJING - The Shanghai Automotive Industry Corporation (SAIC) is seeking a listing on an overseas stock market, and meanwhile it made it onto the Fortune 500 list, one of 15 Chinese companies and the first manufacturer to do so.

A number of investment banks, including Citicorp, Goldman Sachs Group, China International Capital Corporation Ltd and the Bank of China, have submitted their underwriting schemes.

SAIC raised 2.1 billion yuan in the Shanghai Stock Exchange by separating its parts business seven years ago.

The amount of funds to be raised this time is estimated at US$1 billion-$2 billion, depending on the assets to be listed.

Dongfeng Motors Group has decided to raise $750 million-$1000 million by getting a listing in Hong Kong.

Shanghai Automotive Industry (SAIC), meanwhile, has acquired a niche in the Fortune 500 companies. SAIC) is among 15 Chinese enterprises that have been listed among the top 500 in the world for 2003.

It is the first time for a Chinese manufacturer to be listed among the top 500.The Fortune magazine unveiled the global top 500 for 2003 earlier this month.

The 15 seats for Chinese enterprises include four new faces. They are the State Power Grid Corporation, the Shanghai Baosteel Group Corporation, the Hutchison Whampoa Limited and the Shanghai Automotive Industry Corp.

The rest 11 have appeared in the top 500 for the second time.

(Asia Pulse/XIC)

Jul 24, 2004

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