Great Wall Motor raises $206 million from placement

The long-awaited sale, which accounts for 57.6% of the H-share capital, is completed at a discount of 8.5% as the company's share price surges 15% during the week.

Great Wall Motor has finally been able to raise the money it needs for its new production of sedan cars after waiting more than five months for regulatory approval. That the company was eager to get the funding in place was obvious by the fact that the placement was launched the day after the China Securities and Regulatory Commission gave it the go ahead.

Although this meant the deal took place on a Friday May 18, the timing could...

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