Chongqing Lifans IPO to support shift in business focus

Chongqing Lifan Industry (Group) Co. Ltd.s initial public offering (IPO), which has received approval from Chinese government regulators, will support the company’s shift in business focus from motorcycle manufacturing to car making. The prospectus of Chongqing Lifan shows that the company will finance 1.48 billion yuan (US$222.12 million) from the IPO, which will be put into a passenger car project, an engine project and a general gasoline engine project. The company also plans to launch an electric vehicle as early as next year. (October 26, 2010)