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Chery Sells 20% Stake to Private Equity Investors Ahead of Listing

06-04 12:58 Caijing



» Chery Automobile Co. sold a 20 percent stake to domestic private-equity investors including Bohai Industrial Investment Fund Management Co. and CDH Investments, raising about 2 billion yuan, the Wall Street Journal reported.
» Company spokesman Jin Yibo told the WSJ that Chery submitted plans for an initial public offering in Shanghai to the China Securities Regulatory Commission last year, but approval was put on hold when the regulator suspended IPOs in September after the market collapsed.
» The stake sale provides a benchmark for a new-share offering when mainland stock markets are reopened to IPOs, the newspaper reported.
From wires
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