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BAIC Motor Hong Kong IPO begins

2014-12-09 13:07 Xinhua Web Editor: Gu Liping
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Beijing-based BAIC Motor, one of the country's largest passenger automakers, opened its retail books on Tuesday with its initial public offering (IPO) on the Hong Kong bourse.

BAIC Motor, partly owned by German carmaker Daimler, will sell 61.94 million shares in Hong Kong, 5 percent of its total global offering of 1.126 billion shares. It would also offer an additional 112.6 million shares, subject to the over-allotment option.

The carmaker set the IPO price range of its shares at 7.6 HK dollars (nearly 1 US dollars) to 9.8 HK dollars, which means BAIC Motor could raise up to 1.56 billion US dollars.

BAIC Motor's retail book building is scheduled to close on Dec. 12, with the trading debut slated for Dec. 19 on the main board of the Hong Kong stock exchange, under the stock code 1958.

BAIC Motor produces passenger cars under the brands of Beijing Hyundai, Beijing Motor and Beijing Benz. It sold 24,415, 77,561 and 202,280 in 2011, 2012 and 2013, respectively.

BAIC Motor said in a statement that about 60 percent of the IPO proceeds will be used for fixed asset investment and another 10 percent on developing Beijing Motor passenger vehicles.

In the meantime, Dalian Wanda Commercial Properties, one of the Chinese mainland's largest developers, is scheduled to start retail book building on Wednesday in its Hong Kong IPO.

Dalian Wanda is expected to raise up to 3.8 billion dollars, and about 90 percent of net proceeds will be used to finance the development of 10 mainland projects, the developer said.

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