China’s Great Wall Automobile Holding Co. Ltd. plans to sell shares to fund the development of new diesel engines, expand its technical centers and establish a testing center.
The auto maker says it plans to issue up to 121.7 million A shares on the Shanghai Stock Exchange, representing 11% of its existing share capital, subject to Chinese government approval.
The Shanghai Daily newspaper says Great Wall does not give a timetable for the share issue or specify a share price.
The auto maker hopes to raise RMB2.8 billion ($367 million) under the scheme, including RMB531 million ($72 million) to develop transmissions and RMB742 million ($99 million) to expand its technical center.
Great Wall also aims to enhance its product range to include sedans.
