Guangzhou Automobile Group plans to sell shares in Hong Kong to pay for expansion, Bloomberg reported, citing statements made to the Hong Kong Stock Exchange. China’s sixth-largest automaker also will exchange shares for additional stock in Denway Motors in addition to the 37.9% it already owns. Guangzhou Auto plans to privatize Denway. The company also bought a stake in Hunan Changfeng Motors last May and is increasing cooperation with foreign partners like Toyota. Last year Guangzhou auto boosted sales by 15% to 606,600 units.
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