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Dongfeng Motor has domestic listing application accepted by Shenzhen Stock Exchange

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Shanghai (Gasgoo) – The Shenzhen Stock Exchange said on Oct. 13 that it had accepted an application by Dongfeng Motor Group Company Limited (called Dongfeng Motor for short), for its IPO on the ChiNext stock market.

Dongfeng Motor Logo

Dongfeng Motor, which has previously been listed in Hong Kong, hopes to raise 21.033 billion yuan ($ 3.132 billion) through its national IPO. China International Capital Corporation Limited (CICC) is its sponsor.

Dongfeng Motor announced in July this year its intention to revert to A shares and be listed on the ChiNext Market of the Shenzhen Stock Exchange. The company noted that the domestic IPO is carried out to further improve its management structure and complete a financing platform at home and abroad.

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VOYAH logo

Proceeds from the financing will be used to research and develop new high-quality photovoltaic panels under a brand new brand (namely, VOYAH), next-generation automobiles and forward-looking technologies, and to complement the fund bearing.

Of this total, 11 billion yuan ($ 1.638 billion) is expected to be invested in the VOYAH project and 8.8 billion yuan ($ 1.31 billion) will mainly be used to develop a brand new NEV architecture, self-driving cars. and hydrogen fuel cells.

For the first half of 2020, Dongfeng Motor’s revenue reached 50.576 billion yuan ($ 7.53 billion), up 4.39% from a year ago. Nonetheless, its first half net profit attributable to shareholders of the company fell 64.49% year on year to 3.018 billion yuan ($ 449.361 million).

Bai Yiyang, analyst at CMB International, said Dongfeng Motor’s return to A-shares was good for the company by removing the hurdle of fundraising at home and abroad and sharing the sentiment’s recent benefits. of the market linked to the NEV on the capital market.

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