Great Wall Motors says it expects to raise up to CNY4.26bn (US$670m) from upcoming Shanghai share sales, substantially ahead of previous estimates.

The company plans to sell 304.2m shares priced CNY13 to CNY14 each. Great Wall stated last month that it is seeking the funds to increase production of engines, transmissions, axles and brakes, aluminium alloy cast parts, trim and lighting.

The company recently started operations in August at its Tanjin plant, and is planning on increasing its production capacity to 200,000 units annually.

Great Wall’s 2011 first-half net income grew from CNY867m in 2010 to CNY1.81bn. Sales increased to CNY13.7bn, up 50% from the previous year.