HONG KONG Feb 9 China's Rundong Automobile
Group, backed by private equity firm KKR & Co LP, plans
to raise up to $300 million through a Hong Kong listing in the
first half of 2014, IFR said.
The car dealership company in eastern China joins a number
of mainland peers targeting Hong Kong listings to fund expansion
after a pick-up in China's automobile demand in 2013.
KKR invested an undisclosed amount in Rundong Auto in 2010.
The Jiangsu Province-based company operates more than 50
dealerships, featuring brands like BMW and Land Rover, IFR, a
Thomson Reuters publication said.
Rundong Auto is the third car dealer looking at a Hong Kong
float this year. China Grand Automotive Services, the country's
largest car dealer in terms of sales, plans to raise up to $1
billion in Hong Kong in the first half of the year.
Shaanxi-based Sunfonda Group, a dealership of Audi cars,
also plans to raise about $100 million in a Hong Kong IPO in the
Bank of America Merrill Lynch and Morgan Stanley
are arranging the share sale of Rundong Auto.