(ATF) Geely Automobile announced Wednesday that it had approved a plan to sell yuan-denominated shares on Shanghai’s Science and Technology Board, known as the STAR Market.
The Hangzhou-based company plans to list 1.73 billion shares on the tech-heavy trading venue, according to Morningstar. That is estimated to be equivalent to 15% of the firm’s share capital.
Proceeds from the sale will be invested in research and development into new models and forward-looking technology as well as industrial acquisition. It will also be used as supplementary working capital.
‘s board approved the proposal subject to market conditions, shareholder approval at its EGM and as long as it received regulatory approval.
Geely announced on June 17 its plan to list on the START Market.