Deals
China's Top Electric-Car Maker to List in $4.5 Billion Deal
- BAIC’s unit BJEV to reverse-list in Shanghai’s stock market
- China is the world’s biggest market for electric vehicles
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China’s biggest electric-car maker will gain a stock market listing in an asset swap valuing the state-backed manufacturer at 28.8 billion yuan ($4.5 billion), giving investors a chance to bet more directly on the world’s largest market for new-energy vehicles.
One of BAIC Group’s publicly traded affiliates, Chengdu Qian Feng Electronics Co., will buy Beijing Electric Vehicle Co., also known as BJEV, in a stock sale and asset-swap deal. As part of the plan, Qian Feng will sell 761.1 million shares at 37.66 yuan apiece to all shareholders of BJEV for the acquisition, a BAIC subsidiary said in a statement to the Shanghai stock exchange Monday.