China's Guangzhou Auto Plans Dual Listing in Q3

Guangzhou Automobile Group is planning a dual listing on the Shanghai and Hong Kong stock markets in the third quarter, the official Shanghai Securities News reported, citing sources.

 

The report said that Guangzhou Auto will first issue A-shares in August followed by an H-share issue in September, aiming to raise about 2 bln usd.

 

Guangzhou Auto has chosen China International Capital Corp, Guangfa Securities and Bank of China International as advisers for its A-share issue while advisers for the H-share issue are Morgan Stanley (nyse: MS - news - people ), JP Morgan and Lehman Bros.

 

Guangzhou Auto, in which Guangzhou Automobile Industry Group holds a 91.93 pct stake, projects sales of 118 bln yuan this year, up 10 pct.

 

 

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