Brilliance auto parts subsidiary to launch IPO in Hong Kong
Chinese car maker Brilliance Auto Group has filed an application with the Hong Kong Exchanges and Clearing for the listing of its automobile parts subsidiary. If everything goes smoothly, the firm will officially go public in June 2012 at the earliest, making it the fourth publicly-listed division of Brilliance.
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In fact, the subsidiary is Sichuan province-based Mianyang Xinchen Engine (XCE), according to a person close to the situation. With registered capital of US$8.6 million, XCE is a 50/50 joint venture between Mianyang Xinhua Internal Combustion Engine, which is indirectly controlled by Brilliance Auto Group, and Hong Kong-based Adwin Investment.
The listing of XCE on the Hong Kong stock market is expected to facilitate the overall listing of Brilliance on the Chinese A-share market in the future, the person said.
XCE plans to raise at least $476 million through this IPO.
