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Chery plans public listing to fuel expansion plans

By Gong Zhengzheng (China Daily)
Updated: 2009-04-29 07:47

China's emerging carmaker Chery Automobile Co is moving closer to a domestic listing to fuel its rapid expansion, according to a top executive from the company.

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Chery plans public listing to fuel expansion plans

Yin Tongyao, chairman and general manager of Chery, said the company has submitted necessary documents to the China Securities Regulatory Commission to issue stock in Shanghai.

The company is now undertaking shareholding reform in preparation for the listing, Yin said.

"Many domestic automakers are queuing up for a full listing and we hope to jump the queue," he said.

Analysts said Chery needs tens of billions of yuan to feed its independent research and development, joint projects with foreign partners and overseas expansion in the next couple of years...

Chery officially opened its auto financing joint venture last week with Huishang Bank, a commercial lender in Anhui, one year after the project was approved by Chinese regulators...

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