CAR back on road to an initial public offering

China Auto Rental Holding Inc, the country's largest vehicle-leasing company by fleet size and revenue, said on Thursday night that it had revived its initial public offering plans.

The listing will be in Hong Kong, it said. It didn't disclose the size or timing.

According to a company statement, 70 percent of the IPO proceeds will be used to expand its fleet, 20 percent to repay bank debt and 10 percent for operating expenses and other purposes.