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First Tractor to launch 150 mln A-share IPO

Jan. 9, 2012 (China Knowledge) - First Tractor <0038>, the biggest tractor maker in mainland China, announced today that it has submitted an application to the China Securities Regulatory Commission (CSRC) to launch an initial public offering on the Shanghai Stock Exchange.

The company said in a statement that it plans to issue 150 million A shares in the IPO. No decision has been made on the fund-raising size of the deal.

The CSRC is scheduled to review the listing application of First Tractor on January 11, said the commission in a statement on last Friday.

In the first half of 2011, the company's net profit attributable to shareholders of parent company was RMB 271 million.  The company earned RMB 543 million in 2010, RMB 252 million in 2009 and RMB 78.57 million in 2008 respectively.

First Tractor was listed on the Hong Kong Stock Exchange in 1997.






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