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TPG Capital-backed China Grand Auto halts up to $800 mln HK IPO–IFR

Oct 23 (Reuters) – China Grand Automotive Services, the country’s largest car dealership, has decided to put on hold an up to $800 million Hong Kong initial public offering, IFR reported on Thursday, citing a source with direct knowledge of the plans.

China Grand Auto, backed by private equity firm TPG Capital , won’t launch the IPO in 2014 and is also considering whether to list in China’s domestic stock market instead, added IFR, a Thomson Reuters publication.

China Grand Auto didn’t have an immediate comment on the IPO plans, according to a company spokeswoman in Shanghai contacted by Reuters.

China International Capital Corp (CICC) and Goldman Sachs are the lead banks on the China Grand Auto IPO, IFR said.