FAW subsidiaries: timetable for collective listing yet to be set
Four listed subsidiaries of the China FAW Group Corporation (FAW) made announcements Wednesday afternoon clarifying that FAW would not seek a collective listing in three months and no detailed plans or timetables have been decided yet either.
FAW has not consulted any intermediary agencies on collective listing, the announcements added.
On August 14, some media reported that FAW's collective listing plan has been worked out and an IPO is just around the corner. It also rumored that FAW is likely to land in the A-share market first and shares worth some ten billion yuan will be issued.
Excluding Changchun FAWAY Automobile Components Co. Ltd., starting from August 17, the transaction of shares of three FAW subsidiaries, namely FAW Car Co., Ltd., FAW Tianjin Xiali Automobile Co Ltd and FAW Qiming Information Technology Co Ltd, were suspended due to the rumor of FAW's collective listing plan. Transactions of the three companies' stocks resumed Thursday.
FAW is a maker of light, medium, and heavy-duty trucks, automobiles, municipal and touring buses, custom bus chassis, mini-vehicles and auto parts. As of 2009, FAW is the largest auto maker in China. The company has 22 wholly-owned subsidiaries and controlling shares in 14 partially-owned subsidiaries.
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