Chery Automobile resumes IPO planning

Chinese carmaker Chery Automobile is looking to re-launch its initial public offering, having originally shelved plans to list in March 2008 due to weakness in the markets, the Wall Street Journal reported. Jin Yibo, a spokesman for the Anhui province-based company, didn’t say where and when Chery intends to list, or how much money it hopes to raise. Beijing lifted its year-long moratorium on new share listings in June in response to strong showings in both the Hong Kong and Shanghai stock markets. Chery, China’s largest independent auto maker by sales, saw a 56% year-on-year increase in domestic sales, yet exports, which are said to account for 40% of production, are struggling. Earlier this year, the company accepted US$424.6 million in investment from several domestic groups, including Bohai Industrial Investment Fund Management and CDH Investments.