As reported by Bloomberg News, Great Wall Motor Co., China’s biggest pickup truck maker, said it will raise as much as 4.26 billion yuan ($666 million) in its Shanghai share sale, more than the company originally sought. The related issues will be discussed more in detail at Golden Networking‘s China Leaders Forum 2011, October 7.
Great Wall will sell 304.2 million shares at 13 yuan to 14 yuan each, the company said in a statement to the Shanghai Stock Exchangeyesterday. The Baoding, China-based automaker had planned to raise as much as 3.17 billion yuan, according to its prospectus.
The maker of Hover sport-utility vehicles is raising funds to pay for expansion amid a 12 percent slump in the benchmark Shanghai Composite Index this year. The company said last month it’s seeking money to accelerate project construction and boost the output of engines, transmissions, axles and brakes, aluminum alloy cast parts, decoration and lighting.
Great Wall is selling stock as automobile sales in China slow from last year’s record 32 percent gain after the government removed sales-tax breaks and rebates for rural purchases. Total vehicle deliveries expanded 3.3 percent in the first eight months, according to the China Association of Automobile Manufacturers.