Beijing Auto looks to IPO to fund expansion

Beijing Automobile Investment plans to list, possibly overseas, Shanghai's Oriental Morning Post reported Xu Heyi, chairman of the Beijing Municipality-owned automaker, as saying. But Xu suggested an initial public offering could go ahead as early as September, suggesting a local mainland listing is the more probable route. Beijing Auto, which has partnerships with both DaimlerChrysler and Hyundai, needs the funds to finance expansion of both joint-ventures operations.