Shanghai Automotive Industry Corporation (SAIC) announced it was restructuring its assets into a new holding company as a prelude to an offshore share listing. In a statement to the Shanghai Stock Exchange, SAIC the new company would house the firm's joint venture businesses with Volkswagen and General Motors as well as the 49% stake that SAIC is buying in South Korean carmaker Ssangyong Motor. Observers say the most likely venue for a listing is Hong Kong, although the South China Morning Post reported that New York was also being considered. The listing is expected to raise around US$2bn. SAIC said it had net assets of US$4bn at the end of 2003.