HONG KONG: Great Wall selling shares to fund expansion
China's Great Wall Motor reportedly said on Thursday that it plans to sell up to 300 million new H-shares, worth $US270m, to expand its auto parts and components production.
China’s Great Wall Motor reportedly said on Thursday that it plans to sell up to 300 million new H-shares, worth $US270m, to expand its auto parts and components production.
It would apply to the Chinese authorities for the issue of the new shares, representing 114% of its existing issued H-shares or 32% of the company’s all existing shares, Reuters reported, citing a statement by the auto maker.
Based on the stock’s last close of HK$7.0 per share, the deal is worth up to HK$2.1 billion ($270 million), the news agency added.
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