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  • News Release

    14
    03Month
    2019

    CIMC Vehicles’ application to go public in Hong Kong is approved by CSRC

    Publisher:CIMC   

    On March 14, the A-share and H-share listed company CIMC announced that its application to spin off CIMC Vehicles (Group) Co., Ltd for going public outside the Chinese mainland was approved by China Securities Regulatory Commission (CSRC).

     

    The approval is an important step for CIMC Vehicles to independently go public on the main board of the Stock Exchange of Hong Kong Ltd (SEHK). If the application is further approved by the SEHK and the going public operation is successfully performed, CIMC Vehicles will be the fourth independent going public platform after CIMC (A+H share markets), Enric (H-share market) and CIMC-TianDa (H-share market).


    The proposal to spin off CIMC vehicles for going public was approved by the board of directors of CIMC on August 9, 2018, and then it was deliberated and approved by the general meetings of shareholders on the A-share and H-share markets. On December 3, 2018, the application was filed to and accepted by CSRC for administrative permission for the spinoff and going public operation. On December 21, SEHK confirmed that CIMC could continue to promote the spinoff and going public operation. On December 27, CIMC Vehicles submitted the detailed application document (A1 form) to SEHK to be listed on H-share market. 


    A responsible person of the Board Secretary’s Office of CIMC noted that with the CSRC’s administrative permission, the ultimate operation of CIMC Vehicles’ going public operation will depend on the approval of SEHK, the market situation and other relevant matters. 


    The board of directors of CIMC believed that the spinoff and independent going public of CIMC Vehicles were in general beneficial to CIMC and CIMC Vehicles. If the proposal is successfully implemented, it will enable CIMC Vehicles to further promote its business innovation and provide clear indicators of independent market valuation for investors; CIMC Vehicles’ business performance data will remain to be consolidated into the financial statements of CIMC, so as to improve the overall value of the Group; it will also enable CIMC Vehicles to improve its corporate governance under the supervision of the general public and improve the operation management performance of the Group and CIMC Vehicles. 


    CIMC Vehicles is now operating its high-quality businesses across the world. In terms of business revenue, it is the second largest business segment under the Group. In 2017, CIMC Vehicles achieved nearly 20 billion yuan business revenue. Today, it is operating businesses on four major markets, namely China, North America, Europe and emerging markets and has established balanced global operation layout. In addition, CIMC Vehicles has established 25 production facilities and R&D centers worldwide through acquisition and self-financing and created a number of jobs for these countries.


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