Great Wall Motor Co., China's biggest manufacturer of SUVs, said it will terminate plans for a 12 billion yuan ($1.84 billion) share sale after its stock slumped below the designated offer price.

 

The automaker planned to use the funds to expand development and production of electric vehicles and will now use existing capital for the projects.

 

Great Wall said it won't seek a new share placement within three months and will raise money by other channels if needed.

 

Great Wall joins an increasing number of companies revising or aborting share placements after a $5 trillion stock market meltdown in China last year. Since the beginning of this year, 63 companies have revised their plans to issue additional shares, according to Shanghai Securities News.

 

However, Anhui Jianghuai Automobile Co., BYD Co. and Chongqing Changan Automobile Co. have drafted plans to sell additional shares to fund development of EVs. The fundraising plans of the three companies are still pending.