China's top electric car maker to list in 28.8b yuan deal

Beijing

CHINA'S biggest electric car maker will gain a stock market listing in an asset swap valuing the state-backed manufacturer at 28.8 billion yuan (S$5.9 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, will buy Beijing Electric Vehicle, 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 37.66 yuan apiece to all shareholders of BJEV for the acquisition, a BAIC subsidiary said in a statement to the Shanghai stock exchange on Monday.