BAIC to IPO in Hong Kong this year

Chinese state-backed BAIC Motor is preparing to raise about US$2 billion in a Hong Kong IPO before the end of the year, The Wall Street Journal reported, citing an unamed source. In what could be the largest listing by a Chinese carmaker, the company will be listing as early as early as the third quarter if it gets approval. If approved, its IPO will be Hong Kong’s biggest this year since Li Ka-shing’s Power Assets Holdings (0006.HKG) raised US$3.11 billion in January. BAIC is owned by the Beijing municipal government and is partly owned by German automaker Diamler (DAI.ETR).