General Motors considered an Asian exchange for its historic return to the public markets, but ruled it out because it would have delayed the IPO, people familiar with the matter have said.
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GM, which filed plans for a dual listing in New York and Toronto, as recently as several weeks ago was also considering listing in Hong Kong to highlight its growing focus on China – now the world’s largest car market – and to attract the region’s growing pool of investors, sources told Reuters.
That plan was ultimately scrapped because a Hong Kong listing would have pushed GM’s IPO beyond its targeted debut between late October and the US Thanksgiving holiday, the sources added.
It was also unclear what the US automaker would gain in terms of investors or trading liquidity and listing on multiple exchanges would have added cost and complexity to GM’s already complicated IPO, sources said.
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