KKR’s Rundong Auto to raise up to $300 mln in Hong Kong listing – Reuters

Reuters – China’s Rundong Automobile Group, backed by private equity firm KKR & Co LP, plans to raise up to $300 million through a Hong Kong listing in the first half of 2014, IFR said.

The car dealership company in eastern China joins a number of mainland peers targeting Hong Kong listings to fund expansion after a pick-up in China’s automobile demand in 2013.

KKR invested an undisclosed amount in Rundong Auto in 2010. The Jiangsu Province-based company operates more than 50 dealerships, featuring brands like BMW and Land Rover, IFR, a Thomson Reuters publication said.

Rundong Auto is the third car dealer looking at a Hong Kong float this year. China Grand Automotive Services, the country’s largest car dealer in terms of sales, plans to raise up to $1 billion in Hong Kong in the first half of the year.

Shaanxi-based Sunfonda Group, a dealership of Audi cars, also plans to raise about $100 million in a Hong Kong IPO in the first quarter.

Bank of America Merrill Lynch and Morgan Stanley are arranging the share sale of Rundong Auto.

Related Posts

Leave a Reply

PEHUB Community

Join the 12502 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Create your free online surveys with SurveyMonkey , the world's leading questionnaire tool.

Look Who’s Tweeting

Psst! Got any hot tips?

  • This field is for validation purposes and should be left unchanged.

PE HUB News Briefs

RSS Feed Widget

Marketplace

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget