SAIC motor unit said to pick banks for $500m plus IPO

Anji Automotive Logistics Co, a unit of China's largest carmaker SAIC Motor Corp, has picked banks for an initial public offering that could raise at least $500 million, people with knowledge of the matter said.

The Shanghai-based logistics provider is working with China International Capital Corp, HSBC Holdings Plc and JPMorgan Chase & Co to arrange the share sale in Hong Kong, according to the sources. The offering could take place early next year, they added, asking not to be identified as the information is private.