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China's Geely Auto to raise $825m from equity issue

Pandemic leaves country's carmakers facing tepid sales for third year

Geely Automobile's sales dipped 34% on the year for the first four months of 2020.   © Reuters

GUANGZHOU -- Geely Automobile Holdings will raise up to 6.4 billion Hong Kong dollars ($825 million) through a sale of new shares, the Chinese company said Friday, aiming to shore up finances as car sales languish.

The automaker plans to offer 600 million new shares in the Hong Kong market, where it is listed. The float will represent over 6% of outstanding shares.

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