BAIC lists in HK next year

Beijing Automotive Group will finish listing its H-shares during the first half of 2014 with plans to raise more than ten billion yuan, Beijing Times reported.

BAIC finally confirmed on Wednesday the listing would be finished in the first half of 2014. The listing of BAIC H-shares aims at providing financial support for developing Chinese brand passenger cars.

Earlier reports said that currently, some investment banks have already bought BAIC shares. According to the most recent data, sales for BAIC at the mid-year mark have reached 58,300 units and its total sales for 2013 are predicted to reach 176,000 units.

Four cooperation agreements between BAIC and Daimler Benz AG are now under review. One of the four agreements stipulates that the stock of Beijing Benz Automotive Corp held by BAIC will grow to 51 percent. After receiving approval, BAIC will be able to acquire revenues from BBAC, which also contributes to the listing.

Xu Heyi, chairman of BAIC, said the results of the reviews for the cooperation agreements will be released by the end of 2013.