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 [转帖]WSJ: Chinese Auto Titan Shifts Its Holdings |
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Rickshaw
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头衔: 海归列兵
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加入时间: 2006/05/29
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作者：Rickshaw 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Chinese Auto Titan Shifts Its Holdings
The Wall Street Journal 07/12/06
by Gordon Fairclough and Andrew Batson
(Copyright (c) 2006, Dow Jones & Company, Inc.)
Giant Chinese state-run car manufacturer Shanghai Automotive Industry Corp., in a major restructuring, is selling the auto-making holdings -- apparently including stakes in joint ventures with General Motors Corp. and Volkswagen AG -- of its SAIC Motor Corp. unit to a publicly traded affiliate, Shanghai Automotive Co., in a deal valued at about $2.5 billion.
Under the plan, Shanghai Automotive, which is more than 67%-owned by SAIC Motor Corp. and listed on the Shanghai Stock Exchange, would pay for the assets it acquires by issuing 3.1 billion shares valued at an estimated 18 billion yuan, or about $2.25 billion. It would swap other noncore assets it says are valued at two billion yuan.
The move would concentrate Shanghai Automotive Industry's most important auto holdings in the group's main listed arm, giving Chinese investors, at least, a chance to own a piece of some of China's largest car-manufacturing enterprises. It would also make Shanghai Automotive one of the biggest companies, in terms of market capitalization, in China's domestic market.
Shanghai Automotive announced the move in a filing with the stock exchange here late yesterday. Officials from Shanghai Automotive, Shanghai Automotive Industry and other group companies couldn't be reached for comment. The move is likely to have little impact on the operations of the group's joint ventures with foreign auto makers.
Trading in shares of Shanghai Automotive was suspended yesterday pending the announcement.
The group's decision to forgo a separate listing in Hong Kong could be a sign that big Chinese state enterprises will be looking more to their domestic market for fund raising after years in which virtually all big issues occurred offshore. It is also a sign that stock-market overhauls in China are encouraging state companies to rationalize their structures and put significant assets in publicly traded entities.
作者：Rickshaw 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 [转帖]WSJ: Chinese Auto Titan Shifts Its Holdings -- Rickshaw - (2132 Byte) 2006-7-12 周三, 22:25 (1054 reads)
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