Zu Sijie, SAIC’s vice-president, said Shanghai Hydrogen Propulsion Technology (SHPT) would give priority to the Shanghai Stock Exchange’s Nasdaq-style Star Market when making its initial public offering (IPO) plans, according to financial magazine Caijing.
He did not provide further details, but two sources with the company said that SAIC had been actively looking to raise capital to support the growth of SHPT. The company and parent firm SAIC could not be reached for comment on Friday.
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