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China auto news this week(2007.05.07-2007.05.11)

From www.gasgoo.com| May 12 , 2007

More and more China automakers are looking forward to IPOs in HK market or introduce overseas fund-raisings, such as BAIC and South Auto; While Chery and Lifan are broadening their horizons to put their new models into production in overseas markets.

following are the top news this week:


1 bln U.S. dollars: Beijing Auto Holdings to HK IPOs

 
From:www.gasgoo.com May 10 2007

Beijing Auto Industry Holding Co. Ltd. (Beijing Auto Holdings) is planning to be listed on Hong Kong's Stock Exchange this year, and achieves a fund-raising target of one billion U.S. dollars.

Beijing Auto Group had begun planning overseas listing as early as 2004.

In 2006, Beijing Auto holding car sales were 685,000 units, sales revenue were 58.7 billion yuan, ranking fifth in the automobile industry. But this does not meet Beijing Auto Group's capital need -- several projects are urgently in need of funds for construction. According to the plan, Beijing Auto Holdings will set up a platform integrated with auto parts, research and development and trade services.

"In-depth cooperation with Hyundai and DaimlerChrysler indeed increased the demand for capital." Former Beijing Auto Group Chairman An Qingheng said.

Beijing Auto Group is actively introducing external funding. Beijing Auto Group two major subsidiaries-- parts companies and service firms will bring in investors. Currently, several enterprises are working with Beijing Auto Group on equity participation, joint ventures and co-operation.
 
 

China South Auto to be listed in Hong Kong stock exchange by the end of this year
 
From:www.gasgoo.com May 09 2007
 
China South Group's subsidiary, China South Automotive Industry holding Co.,Ltd, is preparing to go on the Hong Kong's stock exchange with 0.5 to 1 billion raised funds before the end of this year. The company has invited Citi group and Goldmansachs group as investment banks, and once it succeeds, vehicle funds of China South Group will be able to rise in capital market both at home and abroad.

According to President Yin Jiaxu, the collected funds will be used in assembling and R&D procedures of autos. South Auto is scheduled to produce heavy vehicle, special vehicle as well as auto parts in future.

It is reported that South Auto's assets are mainly combined into two parts, the 45.55% shareholding in Chongqing Chang'an and other shares in Baotou Heavy truckm Chong Tiema, Hebei Changan, etc, as well as shareholdings in 19 auto parts companies. South Auto possesses a capital volume of 17 billion yuan and a net asset of 4.7 billion yuan.

 
China sedan exports take one quarter of total auto export in Q1
 
From:www.gasgoo.com May 09 2007

According to the China Association of Automobile Manufacturers statistics released yesterday, in the first quarter, China's import and export of vehicles have achieved double-digit growth, while sedan exports increased by nearly 50%.

According to the statistics, in the first quarter, the National Customs vehicle total import and export value totaled 13.361 billion U.S. dollars, import and export amounted to 5.362 billion U.S. dollars and 7.999 billion U.S. dollars, an increase of 18.46% and 36.30% respectively; sedan exports continue to grow rapidly. Vehicle exports accounted for 25.05% of the total, reaching 25,000 units, an increase of 48.9%.
  

Russia-made Lifan sedan to roll off in 2007
 
From:www.gasgoo.com May 09 2007

"Lifan auto plants in Egypt and Russia will start production as early as August this year; by then, the overseas factories in this segment will launch Lifan models directly to local the market." Lifan general manager Yin Mingshan disclosed recently.

According to Yin, this year Lifan group will ensure the completion of 50,000 vehicle  units sales and strive to break 60,000 units, while Lifan developed to expand domestic and international markets marketing strategy.

In the domestic market, Lifan is to improve the dealerships network to reach at least 250 nationwide; the factory in Hanoi, Vietnam has been successfully put in operation in March this year, it is expected the Egyptian and Russian factory will see their first batch of products roll off the assembly line in August, Ukrainian and Iranian factories have come to a preparatory stage.

"Overseas market sales once reach 50% of total sales, overseas factories will see more cost advantages." Meanwhile, Lifan group will focus on overseas markets, and it is hopefully that the shares of Lifan will account for at least half of the total market.

 
Chery QQ6 to be produced in Iran
 
From:www.gasgoo.com May 08 2007

Chery's QQ6 will be launched in early 2008 in Iran market, which had just showed and attracted spotlight in the 2007 Shanghai Auto Show.

Iran Mehr News Agency news: Iran's largest auto manufacturer -Iran Khodro Co. (IKCO) officials Nasser Marzban said that if the two sides had made a final agreement on production and export, Iran will start Chery S21 (QQ6) production in early 2008, he also said the plant will produce 200,000 units Chery S21 (QQ6) sedans within three years.

It is reported Iran and Chery cooperation projects initiated from 2006, after the two sides long-term observation, IKCO ultimately chose Chery Automobile as its partner, and signed a joint-venture plant in the memorandum with Chery during Beijing International Auto Show.

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