China's Lifan Industry to debut in Shanghai this week

BEIJING Wed Nov 24, 2010 8:37am IST

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BEIJING Nov 24 (Reuters) - Shares of Lifan Industry (Group) Co (601777.SS), which raised 2.9 billion yuan ($437 million) in an initial public offering, will make their trading debut in the Shanghai Stock Exchange on Thursday.

Lifan, which makes motorcycles and cars, has issued 200 million shares at 14.5 yuan per share, it said in a stock exchange filing.

Proceeds will help bankroll several projects, including a passenger car facility with annual production capacity of 150,000 units, it said previously.

AIG (AIG.N) owns a 13.5 percent stake in Lifan through a unit called Join State Ltd.

China, which eclipsed the United States as the world's biggest auto market last year, has been a bright spot amid a global industry that is still recovering from a steep downturn.

Other Chinese automakers, such as FAW Group and Chery Automobile, also plan to go public to help raise funds for production expansion. ($1=6.643 Yuan) (Reporting by Fang Yan and Ken Wills)

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