Business Week 27 June 2013
Sunfonda Group, a Chinese auto dealership that sells Audi cars, plans to raise about $150 million in a Hong Kong initial public offering, said two people with knowledge of the matter.
The Xi’an, Shaanxi-based company is working with Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM) on the IPO, said the people, who asked not to be identified because the information is private. The sale may take place in 2014, one person said.
Sunfonda would become the sixth auto dealer to list shares in Hong Kong since the start of 2010. The other five, including Baoxin Auto Group Ltd. (1293) have lost an average of about 23 percent from their IPO prices as sales in China slowed.
Founded in 2000, Sunfonda was the first Audi dealership in the western Chinese province, according to its website. Company officials didn’t respond to calls made to its Xi’an office seeking comment.