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SHANGHAI: China’s Chery Automobile is considering an initial public offering of shares to fund its expansion, state media said yesterday, quoting a company executive.

Chery will invest 30bil yuan (US$3.81bil) to expand its production capacity in the next five to 10 years, and an IPO could be an effective fundraising method, vice-president Lu Jianhui was quoted as saying by the Shanghai Securities News.

He did not disclose any timetable for an IPO or other details.

Chery has been discussing possible production alliances with a range of foreign automakers, including DaimlerChrysler, as part of its efforts to become an international player.

On Monday it had signed a memorandum of understanding with Fiat to supply 1.6-litre and 1.8-litre gasoline engines to the Italian automaker for cars made in China as well as outside the country. – Reuters
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