Great Wall to meet investors to promote IPO
Great Wall Motor Co. will begin meeting with investors this week to generate a market for its 3.2 billion yuan ($500 million) initial public offering, The Wall Street Journal reported.
The privately held automaker will announce its final IPO share price on September 20.
Great Wall, which is based in Baoding in Hebei province, will be listed on the Shanghai stock exchange. It plans to offer investors a 10 percent equity stake.
The automaker is a leading producer of SUVs and pickups in China. Its stock sale comes at a time when company sales and profits are booming.
On August 22, the company reported a net profit of 1.8 billion yuan, doubling its year-earlier earnings. And in the first seven months of 2011, Great Wall sold 199,113 vehicles, up 44 percent from a year earlier.
The company has just opened a new assembly plant in the north China port city of Tianjin, and exports are booming.
