On December 19, BAIC was officially listed on the Main Board of the Stock Exchange of Hong Kong with the stock code 1958.
The IPO issued price per share was 8.9 Hong Kong dollars. As part of the IPO, a share base of 1.239 billion shares was issued, raising funds of HK $ 11.025 billion. After the completion of the release process, over-allotment options increased the the total number of shares to 1.425 billion. The total funds raised will reach 12.679 billion Hong Kong dollars. BAIC Group’s IPO is the highest of any Chinese car manufacturer in Hong Kong’s IPO history. BAIC Group has thus accomplished a historic milestone in the capital markets.
BAIC’s successful release of HKEx shares will further improve the company’s domestic production capacities and will provide strong capital support for the implementation of its internationalization strategy.
Meanwhile, the listing was also interpreted by experts as further proof of BAIC’s success regarding the integration of production processes and a strong cooperation with international strategic partners. BAIC’s adherence to innovation and technological progress will have a profound impact on the future development of the company.
Mr. Xu Heyi, chairman of BAIC Group, said the IPO marked a decade of asset securitization for the company. According to Xu, BAIC shares offer the advantages of a fully integrated automotive group. The release of the BAIC shares on the Hong Kong stock exchange underlines the amazing “BAIC speed” with which the company has grown in the last years. This is truly an historic event for China’s automotive industry as well as international cooperation!