HK's Guorun to raise HK$476 mln for China expansion

Newswire

HONG KONG, Sept 19 (Reuters) - Hong Kong investment firm Guorun Holdings Ltd said on Friday it would raise HK$ 476 million (US$61.03 million) to fund the expansion of a China car joint venture. The firm said it would issue 680 million shares at HK$0.70 each and spend the bulk of the proceeds on expanding its 46.8 percent-owned joint venture with Zhejiang Geely Automobiles, a subsidiary of Geely Group, China's only non-state owned sedan maker. ($1=7.799 Hong Kong Dollar)

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