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SHANGHAI, Oct 29 (Reuters) - Lifan Group, China's top motorcycle maker that is diversifying into car production, is in talks to sell up to a 20 percent stake in the company to foreign investors, ahead of a planned IPO.

U.S. insurer AIG (AIG.N: Quote, Profile, Research) and private equity firm Texas Pacific Group [TPG.UL] are among the overseas companies currently in talks to take a stake in the company, Yin Mingshan, a senior executive at Lifan, told Reuters.

Lifan expects to launch an initial public offering, most likely in Shanghai, in six to nine months, to raise one to three billion yuan, Yin said on the sidelines of an industry conference.

Chinese brokerage Guotai Junan Securities is advising the Chinese company on its planned IPO, he said, adding that Lifan was also looking at the possibility of listing in Hong Kong.
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