BAIC Electric Car Unit’s IPO Hits the Skids
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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