China National Heavy Duty Truck Co. (CNHTC), the country's third largest truck maker, is planning an initial public offering (IPO) in Hong Kong as early as this month, raising up to $800 million, state media said on Friday.
CNHTC has won approval from the Hong Kong stock exchange for the share sale and would list itself as a red chip firm -- overseas-incorporated Chinese enterprise, the Shanghai Securities News said, citing unnamed sources.
CNHTC said in April it would transfer its major assets to a Hong Kong-incorporated unit, including a 63.78 percent stake in CNHTC Jinan Truck Co (000951.SZ) listed on south China's Shenzhen bourse, paving the way for the Hong Kong IPO.
JPMorgan (JPM.N) and China International Capital Corp, partly owned by Morgan Stanley (MS.N), will handle the offer, sources have told Reuters. ($1=7.460 YUAN)