Caixin
Sep 27, 2018 08:23 PM
BUSINESS & TECH

BAIC Electric Car Unit’s IPO Hits the Skids

A BAIC concept car on display at the 15th Beijing International Automotive Exhibition, also known as Auto China 2018, on April 30. Photo: VCG
A BAIC concept car on display at the 15th Beijing International Automotive Exhibition, also known as Auto China 2018, on April 30. Photo: VCG

The stock of state-owned BAIC Group’s electric-car unit plunged on its first public trading day, shedding 36.9% Thursday to close at 9.5 yuan ($1.38) a share in a backdoor listing.

BAIC BluePark New Energy Technology Co. Ltd., whose name was changed from ChengDu QianFeng Electronics Co. Ltd. — the shell company that the former used to go public — ended the trading day with a valuation of 32 billion yuan.

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