Dongfeng Group's IPO application for listing on the Growth Enterprise Market (GEM) has recently entered the inquiry stage, according to information released by the Shenzhen Stock Exchange.
The company is expected to complete A-share listing by the end of this year.
The prospectus shows that Dongfeng Group plans to publicly issue no more than 957 million shares this time, with an estimated financing value of 21.03 billion yuan ($3.20 billion).
This is the largest IPO to raise funds since the launch of the GEM, and it is also Dongfeng Group's first refinancing plan since its listing on the Hong Kong stock market in December 2005.
The funds raised this time will mainly be invested in new businesses such as new energy, intelligent connected vehicles, and autonomous driving.
Dongfeng Group is one of the largest domestic automobile groups, and its total sales volume ranks among the top three in the country throughout the year.
The company's business operations involve commercial vehicles, passenger vehicles, auto finance, new energy vehicles, autonomous driving and other sectors, covering the entire industry chain layout of the automotive industry.
Market analysis indicates that the total valuation of Dongfeng Group will be about 270 billion yuan when it enters the A-share capital market.
