Home-brand Automaker Chery Plans IPO in 2008
China.Org.cn
The Chery Automobile Co. Ltd., China's noted home-brand carmaker, plans its initial public offering (IPO) in 2008, possibly choosing both the mainland A-share market and the Hong Kong market. Chery, which was established nine years ago in eastern China's Anhui Province, is now one of the few successful auto companies in China producing cars with Chinese brands.Some analysts had predicted Chery to launch IPO next year, but the company's unsatisfactory profit made the decision-makers delay it to 2008.Due to huge outlay in research and expansion, Chery's profit in 2005 was below 100 million yuan (US$13 million). Chery's profit-earning capacity is expected to be greatly enhanced from 2006 to 2008, said Yin Tongyao, board chairman of Chery.
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China.Org.cn
The Chery Automobile Co. Ltd., China's noted home-brand carmaker, plans its initial public offering (IPO) in 2008, possibly choosing both the mainland A-share market and the Hong Kong market. Chery, which was established nine years ago in eastern China's Anhui Province, is now one of the few successful auto companies in China producing cars with Chinese brands.Some analysts had predicted Chery to launch IPO next year, but the company's unsatisfactory profit made the decision-makers delay it to 2008.Due to huge outlay in research and expansion, Chery's profit in 2005 was below 100 million yuan (US$13 million). Chery's profit-earning capacity is expected to be greatly enhanced from 2006 to 2008, said Yin Tongyao, board chairman of Chery.
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posted by Auto Report World Editors at 2:48 PM 
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