Beijing Auto’s Car Unit to Raise Up to $3.23 Billion in IPO

Beijing Automotive Group Co., which makes vehicles with Daimler AG and Hyundai Motor Co., said its car unit will raise as much as 20 billion yuan ($3.23 billion) in a Hong Kong initial public offering.

“Our Hong Kong IPO will be in the second half of this year, and we plan to raise 10 billion to 20 billion yuan,” Beijing Auto Chairman Xu Heyi told reporters yesterday on the sidelines of Boao Forum on China’s Hainan Island.