Wuhan-based Dongfeng Motors, China's third automaker raised US$512 million in its Hong Kong IPO Wednesday, reported the Wall Street Journal. Dongfeng will be the biggest overseas-listed Chinese automaker when shares start trading December 7. Dongfeng aims to boost sales to make up for declining margins, and to maintain its 13% share of China's atuo market. The proceeds of the IPO will be used mainly to service debt.
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