China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
China's Huaxin Trust taps Everbright to advise IPO
SHANGHAI, July 17 (Reuters) - Huaxin Trust Co, a mid-sized Chinese trust firm, said on Thursday that it had hired Everbright Securities to advise on a domestic listing to raise several hundred million yuan to support its rapid business expansion.
Huaxin Trust, which had nearly 24 billion yuan ($3.52 billion) of assets under management at the end of 2007, hired Everbright Securities, one of China's 10 biggest brokerages, several months ago when its board agreed to a listing, said Guo Yan, its board secretary.
Guo declined to comment further on the IPO plan but another Huaxin executive, who declined to be identified as she was not authorised to speak to the media, told Reuters that the firm aimed to list on one of the country's two main-board markets in 2009.
"Usually, it takes half a year to a year for an IPO-ready firm to prepare its IPO documents and audited financial reports, so it will be great if we can list next year," she said, adding that the timeframe would be also subject to regulatory approvals.
She added that the listing aimed to raise several hundred million yuan.
Huaxin's major shareholders include Dalian Daxian Enterprises Holdings Co Ltd (600747.SS), which owns a roughly 10 percent stake.
There are currently only two domestically listed trust firms in China: Shanghai-listed Anxin Trust (600816.SS) and Shenzhen-listed Shaanxi International Trust and Investment Corp (000563.SZ). ($1=6.810 Yuan) (Reporting by George Chen; Editing by Edmund Klamann)
