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SHANGHAI (Reuters) – Geely Automobile Holdings plans to raise 20 billion yuan ($2.93 billion) in a public sale of shares on the Nasdaq-style STAR market in Shanghai to invest in new car models and new technologies, showing business documents On Tuesday.
China’s top-renowned automaker, thanks to the investments of its parent group at Daimler AG and Volvo Cars, targets its global benchmarks with plant remodeling projects at home and abroad using production platforms developed with Volvo Cars.
It also aims to launch ecu exports of the 01 game application vehicle, its premium Lynk logo, this year.
Hangzhou-based automaker, controlled by billionaire President Li Shufu, reported that first-half profits fell 43 percent to 2.3 billion yuan, with sales falling 19% to 530446 vehicles, affected by the COVID-19 pandemic.
Geely has annual sales of around 1.32 million vehicles, 3% less than in 2019, thanks to a recovery in the call at this time of year after the flexibilization of coronavirus blockages.
As a component of the merger negotiations that were suspended in July, Geely’s parent organization planned to merge the car manufacturer with its subsidiary Volvo Cars and list the combined activities in Hong Kong and, in all likelihood, in Stockholm.
Geely shares listed in Hong Kong are traded at 22 times the track of profits, compared to THE average STAR Market earnings of 96.
Your Shanghai board plan can also bring the company’s shares listed in Hong Kong to life.
Semiconductor Manufacturing International Corp (SMIC) shares listed in Hong Kong more than doubled in the six months prior to its in Shanghai on July 16.
Geely’s planned list would make him the first automaker on STAR Market.The market, with its simplified directory process, overshadowed Shanghai’s important 30-year inventory exchange in the first part of 2020 to become the largest IPO establishment of the moment on the global Nasdaq..
Geely has China International Capital Corp and Huatai United Securities as subscribers to quote.
($ 1 = 6.8239 Chinese renminbi yuan)
(Reporting through Samuel Shen and Brenda Goh in Shanghai and Yilei Sun in Beijing; Editing through Jason Neely and David Goodman)