Tianjin, , China

Jan 22, 2018 11:29 PM

ichphotos284333 (RM)

Imagine China/Newscom

4912 x 3264 Color JPEG

China, Chinese, BRIC, BJEV, automobile, automotive, automaker, carmaker, electric, car, EV

No Model Release, No Property Release

--FILE--An E150EV electric car of BAIC BJEV of BAIC Group is seen in Tianjin, China, 6 October 2014. China's biggest electric-car maker will gain a stock market listing in an asset swap valuing the state-backed manufacturer at 28.8 billion yuan ($4.5 billion), giving investors a chance to bet more directly on the world's largest market for new-energy vehicles. One of BAIC Group's publicly traded affiliates, Chengdu Qian Feng Electronics Co., will buy Beijing Electric Vehicle Co., also known as BJEV, in a stock sale and asset-swap deal. As part of the plan, Qian Feng will sell 761.1 million shares at 37.66 yuan apiece to all shareholders of BJEV for the acquisition, a BAIC subsidiary said in a statement to the Shanghai stock exchange Monday. BJEV will become the first state-owned manufacturer of new-energy vehicles to list on a mainland stock exchange, competing for attention from investors who have driven up the share price of BYD Co., a Warren Buffett-backed carmaker that trades both on the mainland and Hong Kong. BJEV -- which is disclosing a valuation publicly for the first time -- is among companies raising funds and expanding to get a head start as China's government encourages more clean-energy vehicles to hit the roads.