Date
20 August 2017

China Grand Automotive readies HK IPO, WSJ says

Retail car dealer China Grand Automotive Services Co., in which US private-equity firm TPG Capital has a stake, is planning to raise up to US$800 million in a Hong Kong initial public offering in the second quarter at the earliest, the Wall Street Journal reported Monday, citing people with direct knowledge of the deal. The Shanghai-based company plans to submit an application to the Hong Kong stock exchange in the coming weeks and has hired China International Capital Corp. and Goldman Sachs Group Inc. to handle the deal, the report said. BAIC Motor, a Chinese carmaker partly owned by Daimler AG, is also gearing up for a third-quarter IPO in Hong Kong valued at about US$2 billion, the report said.

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RA/SK

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