One of the makers of Daimler AG and Hyundai Motor Co vehicles in Asia is Beijing Automotive Group Co. Now, with its plans to undertake an IPO in Hong Kong, there are plans to sell its car unit in China.
According to Beijing Auto Chairman Xu Heyi in an interview at the National People's Congress in Beijing, "The Hong Kong IPO will take place by the end of this year if it moves fast. We will come back for an A-share listing after that."
The company's roots can be traced to making sidecars for motorcycles during the Korean War. By 2025, the company said it has plans to make 'world class' cars and has hired famed Ferrari designer Leonardo Fiorvanati to improve its overall brand recognition and appeal. With the IPO, the automaker is projecting to expand its vehicles sales to more than 70% by 2015.
The company has hired Goldman Sachs and Morgan Stanley to oversee its IPO and may seek to reach US$1 billion in the share sale.
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