Chinese automobile franchiser Zhongsheng Group aims to raise between US$800m and $1bn from a Hong Kong initial public offering in first quarter of 2010, sources close to the deal told Reuters on Tuesday.
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Zhongsheng, based in the Chinese habour city of Dalian, mainly provides sales, spare parts, services and surveys businesses for major international automobile brands, including Audi and Toyota in China, now the world’s biggest car market.
Morgan Stanley and UBS are handling Zhongsheng’s IPO, the report added.
