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Market - China - Dongfeng Motors make an initial public offering of 30 percent of its shares
Dongfeng comes to market, partly - Investors are right to be enthusiastic about share offerings.. SHANGHAI,China - The Detroit News(Mich,USA)/Autos Insider, by Michael J. Dunne -3Nov 2005: -- In the spring of 1968 Chairman Mao instructed a team of engineers to build a new automobile company deep in the mountains of central Hubei Province, some 650 miles up the Yangtze River from Shanghai... Mao at the time was convinced of an imminent invasion by the West. Placing a new car company in hardscrabble Hubei was part of Mao's "Third Front Strategy" to locate strategic industries far away from potential enemies, like the United States... Hubei's rugged terrain would serve as an ideal site from which to wage protracted guerilla warfare. Mao christened the company Dongfeng Motor Corporation (DFM). Dongfeng means "East Wind"... DFM has quietly evolved into China's second largest maker of cars and trucks, just behind First Auto Works... Thirty-seven years later, Dongfeng Motors is emerging from its well-hidden lair with new and very different marching orders. In December, the company will make an initial public offering of 30 percent of its shares. Analysts expect the action to raise 600 million dollars... DFM's car sales grew 67 percent through the first half of 2005 to 136,085 units... DFM's partners: Peugeot/Citroen (France) - Nissan & Honda (Japan) - Kia & Yueda ...
posted by Unknown @ 5:24 PM
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