Dongfeng Motor Group Co., Ltd. issued an announcement stating that the company had previously submitted an A-share prospectus to the Shenzhen Stock Exchange for A-shares issuance. The Shenzhen Stock Exchange accepted the application documents regarding the A-share listing on October 13, 2020.
Dongfeng Motor, which has already been listed in Hong Kong, hopes to raise CNY 21.033 billion from its domestic IPO.
According to the prospectus disclosed by the Chinese state-owned automobile manufacturer, the company plans to publicly issue no more than 957,346,666 CNY ordinary shares, with a par value of CNY 1 per share, with China International Capital Corporation as the lead underwriter of the IPO.
The amount raised from the financing will be used to research and develop the premium new energy PVs under an all-new brand (namely, 'VOYAH'), the next-generation automobiles and forward-looking technologies and supplement working capital.
The announcement also stated that the company had formed a relatively complete business system centered on vehicle manufacturing, covering automotive research and development, parts and equipment manufacturing, automotive finance, automotive sales, and travel business. In the future, the company will continue to maintain the advantages of the traditional vehicle manufacturing business, actively promote technological changes, focus on developing a new generation of NEVs and intelligent vehicle networking, and promote independent companies' breakthrough and development.