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China's top electric-car maker to list in USD 4.5 billion deal

The largest electric-car maker in China will be listed on the stock exchange in a USD 4.5 billion asset swap deal.

Photo: /ritzau/Jens Dresling/

China's biggest electric-car maker will gain a stock market listing in an asset swap valuing the state-backed manufacturer at CNY 28.8 billion (USD 4.5 billion), giving investors a chance to bet more directly on the world's largest market for new-energy vehicles.

One of BAIC Group's publicly traded affiliates, Chengdu Qian Feng Electronics Co., will buy Beijing Electric Vehicle Co., also known as BJEV, in a stock sale and asset-swap deal. As part of the plan, Qian Feng will sell 761.1 million shares at CNY 37.66  apiece to all shareholders of BJEV for the acquisition, a BAIC subsidiary said in a statement to the Shanghai stock exchange Monday.

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