Guangzhou Auto H shares to start trading on Aug. 30
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Guangzhou Automobile Group Corp., a Chinese partner of Honda and Toyota, announced on June 18 that it had applied to start trading on the Hong Kong stock market by way of introduction with 2.2 billion H-shares (stock code: 2238.HK) on August 30, Yicai.com reported on Monday.
According to Guangzhou Auto's statement, its subsidiary Denway Motors is expected to hold a special shareholders meeting on July 16 to seek the shareholders' approval of its privatization scheme.
Guangzhou Auto currently holds 38 percent of Denway, and Templeton Asset Management Ltd. holds 15.5 percent of Denway.
JP Morgan, Morgan Stanley, and China International Capital Corporation Hong Kong Securities are co-sponsors of the listing.
Before its listing, Guangzhou Auto's registered capital was 4 billion yuan (about US$578 million), with Guangzhou Automobile Industry Group Co., LTD holding 92 percent, Wanxiang Group 4 percent, China National Machinery Industry Corporation 3.7 percent, Guangzhou Iron & Steel Co., Ltd.0.20 percent and Guangzhou Chime-Long Group Co. Ltd. 0.18 percent.
Denway's last trading day is August 16 and will be formally withdrawn from the Hong Kong Stock Exchanges on August 25.
Guangzhou Auto's listing proposal still needs to be reviewed by the Hong Kong Stock Exchanges and Denway shareholders. The proposal also needs to pass a Supreme Court of Hong Kong hearing.
China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
