Chinese Truck Maker Plans Overseas Public Listing

China National Heavy Duty Truck Co. plans to transfer its entire stake in CNHTC Jinan Truck Co. Ltd. to a Hong Kong-based unit in an $845 million deal, paving the way for an overseas listing of that country’s third-largest truck marker, Bloomberg reported.

CNHTC will transfer its 64% holding in the Shenzhen-listed unit to CNHTC Hong Kong via a newly formed shell company registered in the Virgin Islands, CNHTC Jinan said in a statement, Bloomberg reported, citing the news agency China Knowledge.
 
The transfer will give control CNHTC Hong Kong control of CNHTC Jinan, which holds a large portion of the group’s truck-making assets, China Knowledge said.