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Yongda Auto mulls HK IPO

Apr. 18, 2012 (China Knowledge) – Shanghai Yongda Holdings (Group) Co Ltd, Shanghai based auto dealer founded in 1992, is considering launching its initial public offering in Hong Kong.

The IPO will raise US$500 million or HK$3.9 billion, said a source close to the matter, and no further details have been disclosed.

BOCOM International Holdings Co Ltd, HSBC Holdings Plc<0005>, and UBS AG will be responsible for the IPO.

At present, the auto dealer has more than 30 auto 4S shops across China, which sold dozens of international famous auto brand including BMW, Audi, Porsche, Volvo, GM and Honda.

Last year, Yongda auto saw its operation revenue reached RMB 17.6 billion, ranked seventh in China, source reported.

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