Geely gets nod to raise capital on Shanghai’s Nasdaq-like Star Market as carmaker remakes itself into tech company
Geely Automobile Holdings, China’s largest private carmaker and owner of Volvo Cars, has obtained regulatory approval for a secondary listing on Shanghai’s Nasdaq-like exchange for start-ups, as it redefines itself as a technology company with its line-up of 10 electric cars by 2025.
The Hangzhou-based carmaker aims to raise as much as 20 billion yuan (US$2.94 billion) on the Star Market to finance its development of new technologies and models, according to an announcement by the Shanghai Stock Exchange.
“The green light for Geely underscores the important role of the carmaking industry in China,” said Ding Haifeng, a consultant with Shanghai-based financial advisory firm Integrity. “Regulators hope that companies like Geely would use the funds to propel technological development in next-generation cars.”
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