SAIC raises another £billion

    Share
    avatar
    Windy
    Admin

    Number of posts : 3322
    Points : 4244
    Reputation : 165
    Registration date : 2009-02-02

    SAIC raises another £billion

    Post by Windy on Tue Nov 16, 2010 7:40 am



    Stock Market Search News


    SAIC Motor gets approval for private placement


    Nov. 16, 2010 (China Knowledge) - SAIC Motor Corp Ltd<600104>, China's No.1 car maker, announced yesterday that it has secured approval from the China Securities Regulatory Commission for a private placement.

    The company said in a statement filed with the Shanghai Stock Exchange that it plans to issue up to 900 million shares at RMB 11.47 apiece in the private placement.

    The automaker said that its parent SAIC Group, which holds a 78.94% stake in the company, will spend more than RMB 1 billion to subscribe at least 10% of the new shares to be issued in the deal.

    In the first ten months of this year, SAIC Motor sold a total of 2.98 million vehicles, 36.02% more than in the same period of last year.

    Shares of SAIC Motor gained 1.72% to close at RMB 18.29 yesterday.


    Source: http://www.chinaknowledge.com/Newswires/News_Detail.aspx?type=1&cat=INV&NewsID=38723



    I guess some of that will be to pay for their shares in General Motors.
    avatar
    richardk

    Number of posts : 935
    Points : 1149
    Reputation : 46
    Registration date : 2009-02-06
    Location : Norfolk

    Re: SAIC raises another £billion

    Post by richardk on Tue Nov 16, 2010 12:09 pm

    all seems to be falling in place for the MG-GM deal
    avatar
    Windy
    Admin

    Number of posts : 3322
    Points : 4244
    Reputation : 165
    Registration date : 2009-02-02

    Re: SAIC raises another £billion

    Post by Windy on Tue Nov 16, 2010 1:04 pm

    richardk wrote:all seems to be falling in place for the MG-GM deal
    It may not have much to do with MG other than some shared resources. I'm sure the plan is that MG-Roewe can stand on it's own without being dependant on non-SAIC resources, although with GM apparently prepared to have their technology under dual ownership the shared resources could become quite extensive over time.

    It will be more connected to the various SAIC GM joint ventures. Getting the new low cost Baojun brand into international GM dealers could be a big earner for SAIC, it is likely to take some time though.



    GM says ready to compete in China mass car market

    HONG KONG: General Motors Co. will launch its new Baojun brand cars this month to capture growth at the low-end of the Chinese market, competing with domestic makers such as Geely, Chery and BYD, said its China chief on Thursday.

    The Baojun brand, which is made by GM's SAIC-GM-Wuling Automotive Co. joint venture, will be introduced later in November and is scheduled to hit the market next year, said Kevin Wale , president and managing director of GM's China operations.

    GM, the battered US auto giant, made inroads into the mass car market in China in January by rolling out the Chevrolet New Sail autos, made by its China venture with SAIC Motor Corp.

    "The Baojun will be a full range of products that is targeting the low end of the sgement," Wale said.

    Sales of the low-end segment of China, the world's largest auto market, are around 5 million units or nearly one-third of China's total sales, he estimated.

    The mass car market has been dominated by homegrown auto makers including Chery Automobile, Geely Automobile Holdings Ltd and Warren Buffett-backed BYD Co Ltd.

    "We will compete against the Geelys, the Cherys and the BYDs with the Baojun brand," Wale said.

    Wale would not give a price tag for the Baojun brand cars but the New Sail was priced as low as 56,800 yuan ($8,563).

    GM plans to export Sails to Chile and other Latin American countries but Baojun would initially focus on the China market.

    China has become the largest single market for GM since the first half of 2010, when it surpassed its home market in terms of volume.

    Wale expects GM's China sales could reach 2.3 million units this year, up about 26 per cent from 2009, occupying 13.5 per cent of the China market.

    GM is in the final stage of talks to sell equity to long-time Chinese partner SAIC in conjunction with its landmark initial public offering, two people familiar with the matter said.
    Source: http://economictimes.indiatimes.com/news/international-business/GM-says-ready-to-compete-in-China-mass-car-market/articleshow/6907709.cms

    Sponsored content

    Re: SAIC raises another £billion

    Post by Sponsored content


      Current date/time is Mon Jun 26, 2017 8:35 pm