No timetable for BAIC’S listing issue

　　According to the report of The Economic Observer on May 28th, recently, Beijing Automotive Group will likely to speed up its pace to be listed in the market through the way of packaging its passenger car assets rather than overall business. It has been confirmed that BAIC are set up a stock company to prepare for listing. However, there is no exact timetable.

　　Actually it was first reported by foreign media that BAIC will set up a joint-stock company to accelerate the pace of being listed. As a response, Han Yonggui, vice president and spokesman of BAIC said “ it is true that the corporation is set up a joint-stock company but the listing can be achieved only after establishment of the stock company. Currently, there is no exact timetable”. “Under the guidance of SASAC and other related departments in Beijing, we began to set up our stock company at the end of last year, and will try to finish in the first half of this year. To establish a stock company firstly is to open up financing platform and then to establish a more healthy and scientific business management system as well as to integrate resources of our passenger car business. ”

　　Han also confirmed that the newly established joint-stock company will only include passenger car business of the BAIC, which affirmed the previous report.

　　Currently, BAIC’s key commercial vehicle business is Foton, whose light and heavy truck are both at the top of the sales list. Moreover, new energy bus is also a highlight being developed recently.

　　The industry believes that BAIC’s new planning to give up its qualified commercial business mainly because Foton itself is a domestic A-share listed company, which makes is integration more difficult.

　　Passenger car business of BAIC mainly include two joint ventures of Beijing Hyundai and Beijing Benz as well as its passenger car business division, which can be relatively easier packaged together to be listed.

　　Currently the major domestic automotive groups such as Shanghai Automotive, Dongfeng and Chang’an have all been wholly listed while FAW, Guangzhou Automobile and Chery are also actively preparing for listing. With ambitious expansion plans and a variety of self-owned brand new car to be launched continuously soon, to be listed and to finance are also imperious demands of BAIC.

　　(Translator: Yalong/Jessie)

　　See original Chinese report Please click:

　　http://auto.sohu.com/20100528/n272399692.shtml