SAIC-owned trucking company plans 3.3 billion yuan stock offering, sources say

   Date:2016/05/20
Anji Automotive Logistics Co., a unit of China's largest carmaker SAIC Motor Corp., has picked banks for an initial public offering that could raise at least $500 million (3.3 billion yuan), sources said.
 
The Shanghai-based logistics provider is working with China International Capital Corp., HSBC Holdings PLC and JPMorgan Chase & Co. to arrange the share sale in Hong Kong, according to the people.
 
The offering could take place early next year, the people said, asking not to be identified because the information is private.
 
Proceeds from the offering could help Anji benefit from China's growing vehicle demand. China reported sales of 25 million automobiles last year, up 4.7 percent from the year before, according to the China Association of Automobile Manufacturers.
 
Anji is preparing an initial public offering amid the slowest start for new offerings in the city since 2013, according to data compiled by Bloomberg. Hong Kong first-time share sales have raised $4.2 billion this year, compared with $7.1 billion during the same period in 2015, the data show.
 
The logistics unit is studying the feasibility for an overseas listing, SAIC said in a statement to the Shanghai stock exchange last week, which didn't provide further information.
 
Details aren't finalized and could change, the people said. A spokesman for SAIC didn't immediately respond to calls seeking comment, while representatives for China International Capital, HSBC and JPMorgan declined to comment.
 
Anji has a fleet of trucks that transport auto parts and finished vehicles for Toyota Motor Corp., Nissan Motor Co., AB Volvo and Geely Automobile Holdings, according to its website. It reported revenue of 17.1 billion yuan last year.

Source:Automotive News China

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