Chinese state-run automaker Chongqing Changan Automobile plans to list its electric vehicle (EV) unit around 2025, the China Securities Journal said on Tuesday.
The unit completed fundraising round B on Monday, said the paper, reaping 5 billion yuan ($789.84 million), 2 billion yuan over its planned target.
Changan did not immediately respond to a request for comment.
Reuters reported last year that the unit was planning to list on STAR Market.
Changan, based in the southwestern city of Chongqing, holds 48.95% of the unit, which makes entry-level and mass-market electric vehicles.
General Motors Co’s China venture with SAIC Motor dominates the small-car segment with its micro two-door Wuling Hong Guang MINI EV.
and Brenda Goh in Shanghai; Writing by Engen Tham; Editing by Kim Coghill)
Reuters