SAIC awards listing mandate

Shanghai Automotive Industry Corp (SAIC) selected Morgan Stanley, Merrill Lynch, Deutsche Bank, Bank of China International and NM Rothschild and Sons to drive SAIC's US$1.5 billion to $2 billion listing plan. Twelve banks bid for the mandate. Rothschild was reportedly named as financial adviser, the other four as global co-ordinators and sponsors. SAIC's selection gives Merrill Lynch and Deutsche Bank their second mandate in China's auto sector, having been selected earlier this year to arrange Dongfeng Auto's scheduled
flotation.