Chery Auto revives initial offer plans

China's largest private automaker Chery Automobile Co said yesterday that it was resuming plans for an A-share initial public offering (IPO) as the stock market has recovered from the effects of the global financial crisis.

"We are preparing for the IPO and hope to be listed soon," Chery's spokesman Jin Yibo told China Daily.

"As an ambitious auto manufacturer with long-term development plans, we are aiming to be ranked among the world's top 10 automakers in future, and IPO is a must-do for Chery right now," said Jin. "The current global industry slowdown due to the financial crisis provides Chery with the best opportunity to boost expansion plans by raising capital."