Domestic

China's Lifan Industry to debut in Shanghai this week

(Agencies)
Updated: 2010-11-24 15:06

Shares of Lifan Industry (Group) Co, which raised 2.9 billion yuan ($437 million) in an initial public offering, will make their trading debut in the Shanghai Stock Exchange on Thursday.

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Lifan, which makes motorcycles and cars, has issued 200 million shares at 14.5 yuan per share, it said in a stock exchange filing.

Proceeds will help bankroll several projects, including a passenger car facility with annual production capacity of 150,000 units, it said previously.

AIG owns a 13.5 percent stake in Lifan through a unit called Join State Ltd.

China, which eclipsed the United States as the world's biggest auto market last year, has been a bright spot amid a global industry that is still recovering from a steep downturn.

Other Chinese automakers, such as FAW Group and Chery Automobile, also plan to go public to help raise funds for production expansion.