NEW-ENERGY VEHICLES
China’s electric-car giant to list in $4.5bn deal
The move gives investors a chance to participate in the world’s largest market for new-energy vehicles
Beijing — China’s biggest electric-car maker will gain a stock market listing in an asset swap valuing the state-backed manufacturer at ¥28.8bn ($4.5bn) and giving investors a chance to participate in the world’s largest market for new-energy vehicles. One of BAIC Group’s publicly traded affiliates, Chengdu Qian Feng Electronics, will buy Beijing Electric Vehicle Company (BJEV) in a stock sale and asset-swap deal. As part of the plan, Qian Feng would sell 761.1-million shares at ¥37.66 apiece to all shareholders of BJEV for the acquisition, a BAIC subsidiary said on Monday. BJEV will become the first state-owned manufacturer of new-energy vehicles to list on a mainland stock exchange, competing for attention from investors who have driven up the share price of BYD, a Warren Buffett-backed car maker that trades both on the mainland and Hong Kong. BJEV — which is disclosing a valuation publicly for the first time — is among companies raising funds and expanding to get a head start as ...
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