Merrill Lynch, Morgan Stanley, UBS cited as advisor candidates

Merrill Lynch, Morgan Stanley and UBS were each named in a South China Morning Post report as possible candidates as Shanghai Automotive Industry Corp (SAIC) prepares to select an advisor to underwrite its planned public listing. SAIC officials have not said when the listing would occur but analysts suggested the flotation, which could raise as much as US$10 billion, will likely be held in the first half of 2005. Officials from SAIC joint ventures with General Motors and Volkswagen did not comment on what role their companies might play in the listing.