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Lifan Industry gets nod for Shanghai IPO

(Agencies)
Updated: 2010-10-18 13:20
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Lifan Industry Group Co, which American International Group owns a stake in, won approval from the China Securities Regulatory Commission (CSRC) to list in Shanghai, according to a statement posted to the regulator's website on Oct 15, Bloomberg reported on Monday.

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The Chongqing-based automaker plans to raise 1.48 billion yuan ($220.07) through the initial public offering (IPO), according to a prospectus on the CSRC's website. AIG owns a 13.5 percent stake in Lifan through a unit called Join State Ltd, the prospectus said.

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