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Dealership giant Grand Auto mulls stock offering
Date:2010/12/6      View:1016
Sino-US dealership joint venture China Grand Auto is considering a listing on the Shanghai Stock Exchange to boost its expansion in the country's fast-growing car market.

Jin-Goon Kim, chief executive officer of the biggest car dealership network in China, told China Daily that the company plans to go public on the A-share market in the next two or three years.

"Our goal is to be one of the world's top 500 enterprises and an excellent, internationalized company in China," Kim said in an interview last week in Beijing.

Grand Auto was set up in 2006 by China's Xinjiang Guanghui Industry Investment Group and US investment firm Tex Pacific Group. It now has more than 4 billion yuan in registered capital.

Kim said the company expects to sell more than 300,000 cars this year, up from 200,000 units in 2009.

The company's sales revenue is expected to grow to 50 billion yuan this year from 32.5 billion yuan last year, he said.

Grand Auto reaped 800 million yuan in net profit in 2009, up from 33 million yuan in 2006.

The company has built a network of nearly 300 sales and service outlets in 12 provinces and regions in China through acquisitions and development of new facilities.

"We are pursuing profitable growth instead of blind expansion," Kim said.

It now mainly sells medium and up-market brands such as Mercedes-Benz, Audi, Lexus, Volkswagen, Toyota, Nissan and Buick. Together the brands account for more than 85 percent of Grand Auto's total business.

Grand Auto's operations also include used car sales, vehicle insurance, maintenance, car leasing and information consulting.

As indigenous brands grow rapidly in China, Kim said Grand Auto is discussing possible cooperation with them.
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