Guangzhou Automobile Group returned to the A share market today, becoming the first large state-owned automaker to be listed in both Shanghai and Hong Kong.
Group chairman Zhang Fang said the dual listing will speed up the integration of resources and help to generate superior performance for investors.
According to the China Association of Automobile Manufacturers, Guangzhou Automobile Group was China’s sixth-largest automaker by sales volume in 2010, and the fifth-largest by sales value.
The automaker returned to the A share market through the acquisition of GAC Changfeng Motor (600991) via a share swap.
Guangzhou Automobile Group has established strategic cooperation partnerships with Honda, Toyota, and Fiat. It will set up a joint venture with Mitsubishi Motors in order to introduce more models, technology, and to optimize its product structure.
Macquarie Group excepts the automaker to record a sales rebound in 2012.
Sourced from: Guangzhou Daily