Changan motor issues 360 mln additional A-shares
- Source: Global Times
- [16:33 January 28 2011]
- Comments
Changan Automobile Co., Ltd issued 360 million additional A-shares in Shenzhen without price limits on Friday.
The shares will be priced at 9.74 yuan ($1.47) each, and may raise 3.5 billion yuan ($533 million).
According to the company's prospectus, the fund will be used on Changan's technology reformation program, engine upgrading program and research and development ability.
The company expects to enhance its production capacity of manufacturing 220,000 units of additional mini vehicles and 120,000 additional CC engines and 300,000 additional CB engines.
Changan Motor's report review shows that the company achieved a net profit of 2-2.1 billion yuan ($303-319 million) in 2010, up 85.45-94.2 percent from 2009.
It also set a new record in production and sales volume hitting 1.864 million and 1.852 million units, up 34.41 percent and 35.24 percent respectively.
