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BAIC's electric car
 
BAIC launches EV unit with 29 billion yuan stock sale
Bloomberg | 2018/1/26

China's biggest electric vehicle maker will gain a stock market listing in an asset swap valuing the state-backed manufacturer at 28.8 billion yuan ($4.5 billion).
      
One of BAIC Group's publicly traded affiliates, Chengdu Qian Feng Electronics Co., will buy Beijing Electric Vehicle Co. in a stock sale and asset-swap deal. 

As part of the plan, Qian Feng will sell 761 million shares at 38 yuan apiece to all shareholders of Beijing Electric for the acquisition, a BAIC subsidiary said this week in a statement to the Shanghai stock exchange.
     
Beijing Electric will become the first state-owned EV manufacturer to list on a mainland stock exchange.

Last year, the companys EV sales nearly doubled to 103,199 vehicles. Beijing Electric said its share of the Chinese EV market rose to 23 percent last year from 15 percent in 2016.
     
Beijing Electric raised 11 billion yuan in its latest round of
fundraising in July, mainly from state-owned companies, after a 3 billion yuan round in 2016.
     
In 2015, China passed the U.S. to become the worlds biggest EV market. 

China has made EVs a strategic initiative as part of its push to
lead in automotive technology, curb pollution and cut dependence
on imported oil.

This month at CES in Las Vegas, Chinese EV startups were at the forefront. Byton, a Nanjing company started by former BMW AG executives, unveiled a $45,000 crossover concept. 

A few days later, XPeng Motors, backed by funding from Alibaba Group Holding, unveiled a production model.

Of the 4,500 exhibitors at the annual event in Las Vegas. more than a third were from China.

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