Motor Vehicles and Parts News
- Southern Industrial Auto aims for IPO
Date: 25-Sep-2007 Sources: (Shenzhen Daily)
CHINA Southern Industrial Auto Co., the carmaking conglomerate that includes Shenzhen-listed Chongqing Changan Automobile Co., is planning a stock market listing in the beginning of 2008, general manager Yin Jiaxu said yesterday.
Yin, speaking on the sidelines of the opening ceremony for Changan Ford Mazda Automobile Co.'s new assembly plant, declined to disclose the location or other details of the planned listing.
Shanghai Auto parent to buy bond
SHANGHAI Automotive Co., China's largest carmaker, said yesterday its parent will take up at least 10 percent of an 8 billion yuan (US$1.06 billion) convertible bond it plans to offer.
The parent, SMIC Motor Corp., has officially notified the Shanghai-listed firm that it will pay 800 million yuan to subscribe for at least 800 million units, or 10 percent of the total planned offer, it said in a statement. Shanghai Auto, a local partner of General Motors and Volkswagen AG, said in July it planned to issue the bonds with detachable warrants to fund the development of cars bearing its own brand.
China Oilfield IPO raises US$899m
CHINA Oilfield Services, the drilling and equipment arm of top domestic offshore producer CNOOC group, raised 6.74 billion yuan (US$899 million) in its Shanghai initial public offering (IPO) after attracting massive demand.
The company said Sunday it had priced its offer of 500 million A shares, or 11.1 percent of its enlarged share capital, at 13.48 yuan per share, the top of an indicative range. The offer drew a total of 2.17 trillion yuan in retail and institutional subscriptions, the second-largest amount for any domestic IPO.
No talks with Cathay, Air China: Eastern Air
CHINA Eastern Airlines Co. said yesterday it isn't in talks with Cathay Pacific Airways Ltd. and Air China Ltd., denying market speculation which boosted the airline stock last week.
'We are not in talks,'' China Eastern's board secretary Luo Zhuping said. The Daily Telegraph reported Sept. 22 that Cathay Pacific plans to make a bid for a large stake in China Eastern. Cathay Pacific may enlist the support of Air China, owner of more than 10 percent of China Eastern's Hong Kong-listed shares, the newspaper said on its Web site.
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