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Rental giant files for IPO

China Auto Rental Inc last week filed an application with the Hong Kong stock exchange for a proposed $400 million initial public offering. The majority of the funds raised will be used to purchase new cars, said the country's biggest auto rental company, which had a fleet of 55,403 vehicles by the end of March. It reported a net profit of 163 million yuan in the first quarter, an increase of 300 percent over the same period last year.

Six on Forbes 2,000 list