25 September 2018

China Grand Auto boosts Hong Kong IPO to US$1 bln, WSJ says

Car dealer China Grand Automotive Services Co. Ltd. plans to boost the size of its Hong Kong initial public offering to as much as US$1 billion from US$800 million, the Wall Street Journal reported Monday, citing sources with knowledge of the matter. The Shanghai-based company, in which US-based private-equity firm TPG Capital has a stake, is likely to get listing approval from the Hong Kong Stock Exchange in the second quarter, the sources were quoted as saying. Passenger and commercial vehicle sales in China grew 14 percent in 2013, the biggest increase in three years, the report said, citing official figures.

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