GAC still keen on public float

SHANGHAI: Guangzhou Automobile Group Corp (GAC), one of China's major automakers, yesterday reaffirmed that it was looking at an initial public offering (IPO) when the time was right.

"We will choose an adequate time to go public in terms of the market conditions," said Zeng Qinghong, general manager of GAC, at a press conference during the ongoing 2009 Shanghai auto show.

Zeng said the GAC had submitted the listing proposal to the China Securities Regulatory Commission (CSRC) last year, and that the approval was pending. He did not reveal whether the company would be listed in Shanghai or Hong Kong.