BAIC unit heads for IPO
By Lyu Chang | China Daily | Updated: 2016-05-24 07:13
Leading electric-car maker powering along with plans to build major new plant
Beijing Electric Vehicle Co, a subsidiary of BAIC Motor Corp, plans to raise funds through an initial public offering to enlarge its production capacity, a senior official said on Monday.
"We have already expanded our registered capital to 3 billion yuan ($458 million), but it is clearly not enough, so we are going for an IPO to finance our projects," said Hao Ziming, deputy Party secretary of the Beijing-based firm, without giving details on the time frame.
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