Dongfeng gets into gear

First of China''s big three auto manufacturers pre-markets Hong Kong IPO.

Dongfeng Motor Corp, China's third largest automobile group by market share, embarked on pre-marketing for its Hong Kong Stock Exchange listing last Monday October 24. Backed by lead managers, CICC, Deutsche Bank and Merrill Lynch, the Wuhan-based group has gone out with a wide proceeds range of roughly $450 million to $650 million.

Such need for flexibility and caution is hardly surprising given how uncertain investor sentiment remains. Dongfeng faces two principal roadblocks.


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