Great Wall Motor to use IPO for R&D

Great Wall Motor has announced plans for an initial public offering in Shanghai, the Wall Street Journal reported. The company that it would offer 121.7 million shares on the Shanghai Stock Exchange, accounting for 10% of its enlarged share capital. Great Wall, which currently only produces pickup trucks, plans to use the US$265 million it expects to raise for research and
development aimed at developing new models including sedans. Great Wall's Hong Kong-listed shares rose 22% yesterday to a record price of HK$13.94 (US$1.80) per share.