China's top car maker SAIC unveils pre-IPO unit


SHANGHAI, Dec 31 (Reuters) - Shanghai Auto, General Motors' main partner in China, has set up a shareholding firm to hold its car assets, revamping itself before a long-awaited IPO as it eyes expanding its international footprint. The launch of the company, announced in state media on Friday, paves the way for Shanghai Automotive Industry (Group) Corp. (SAIC) to list overseas or at home in a share float that could raise as much as $2 billion in 2005 or beyond. SAIC, which will buy 48.9 ...

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