great-wall-motor-raises-206-million-from-placement

Great Wall Motor raises $206 million from placement

The long-awaited sale, which accounts for 57.6% of the H-share capital, is completed at a discount of 8.5% as the company's share price surges 15% during the week.

By Anette Jönsson

May 20, 2007

Great Wall Motor has finally been able to raise the money it needs for its new production of sedan cars after waiting more than five months for regulatory approval. That the company was eager to get the funding in place was obvious by the fact that the placement was launched the day after the China Securities and Regulatory Commission gave it the go ahead.

Although this meant the deal took place on a Friday May 18, the timing could hardly have been much better from the companyÆs point of view as the share price had rallied close to 15% in the first four days last week, leaving it just 1.8% off the record high...

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