BAIC Motor Plans $2 Billion IPO

BAIC Motor Co., the Chinese carmaker that is 12% owned by Daimler AG, plans to raise as much as $2 billion in a Hong Kong initial public offering, Thomson Reuters publication IFR reports.

That would be about double the size when the IPO was in the early planning stages. IFR says the offering will occur in the year's second quarter.

Daimler last year signed a binding agreement to acquire a 12% stake in BAIC for €640 million ($871 million). The company describes the deal as the first western automaker to purchased a direct equity stake in a Chinese vehicle producer.