Dongfeng demands competitive IPO pricing...
Submitted by admin on Wed, 2005-10-26 01:41. ::
BEIJING, Oct. 26 -- Automaker Dongfeng Motor wants to price its initial public offering (IPO) worth about US$500 million at a competitive price to that of rival Denway Motors (HK: 0203), fund managers said.
The company, which makes cars, buses, trucks, engines and auto parts, began informal marketing of its offering Monday at a 2005 price-to-earnings ratio of 9 to 12 times, compared with 8.5 times for Denway, the fund managers said.
The offering comes as China¡¯s carmaking industry faces challenges ranging from overcapacity to a slowdown in fixed-asset investment and potential increases in automobile sales taxes.
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