June 17, 2020 / 3:54 PM / 17 days ago

China's Geely Automobile moves towards mainland listing

BEIJING/SHANGHAI, June 17 (Reuters) - Geely Automobile Holdings Ltd said on Wednesday its board had approved a preliminary proposal for the possible issue of renminbi shares and a listing on mainland China’s Nasdaq-like STAR board.

The company, whose parent is Zhejiang Geely Holding Group , is currently listed on the Hong Kong Stock Exchange. It raised HK$6.48 billion ($836 million) from a share placement last month.

It and Volvo - which Zhejiang Geely Holding Group bought from Ford Motor Co in 2010 - are planning to merge and list in Hong Kong and possibly Stockholm.

Reporting by Yilei Sun and Brenda Goh; Editing by Kevin Liffey

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