9/1, 1:38 PM (Source: TeleTrader)
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Geely plans to raise nearly $3B in Shanghai listing

Geely Automobile Holdings intends to raise 20 billion yuan ($2.93 billion) in a public share sale on Shanghai STAR Market, the company's filings showed on Tuesday.

The funds are expected to be used to develop new vehicle models and technologies, according to the filings.

The Hangzhou-based car manufacturer aims to invest in facility adjustment as well, intending to implement manufacturing platforms made in cooperation with its partner Volvo Cars.

Breaking the News / GA