Great Wall Motor Co, China’s biggest maker of pick-up trucks, is lining up an initial offering in Shanghai to fund its product development plans. The SSE offering seeks to sell as much as 10% of the company, which unlike many Chinese automakers, is privately owned.
Based in Baoding in China’s Hebei province, the Hong Kong-listed company plans to issue as many as 304 million shares, according to a prospectus posted on the China Securities Regulatory Commission’s website. This is actually GWM’s second try, after regulators rejected its request for a Shanghai listing in 2008, with no reason given. The commission will review the new application tomorrow (Aug 3).
Great Wall, the latest entrant into the Malaysian market with the Haval SUV and Wingle pick-up truck, recently formed partnerships with big companies to up the level of tech in its products. The parties include Autoliv Inc, Valeo S.A and Shanghai Brose Automotive Components Co.
Last year, Great Wall sold a total of 390,000 units, registering a year-on-year increase of 70%. Of this total, 150,000 units were the Haval, while the Wingle contributed 100k to the cause. The group also saw a turnover of 29 billion yuan, or USD 4.5 billion, in 2010.
Click here to read our launch post of the Great Wall Haval and Wingle.
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The total units sold is more than double, and the turn over is approx 50% more compare to Proton. So, its performance should be better than P1.