Japanese media reported that Swedish luxury car company Volvo Cars is stepping up preparations for its initial public offering (IPO). It plans to raise 5 billion kronor through a third-party private placement targeting institutional investors. Volvo Cars was merged into China's Zhejiang Geely Holding Group in 2010. Geely currently holds all of its shares. After using Chinese funds to promote reconstruction, it will move towards self-reliance. According to a report on the Nikkei website on January 5, Volvo Cars will issue preferred shares to the Swedish government's pension fund and the country's insurance giant Folksam. The preferred shares can be converted into common shares in the future. Volvo Cars issued corporate bonds twice in 2016. It will further broaden its financing methods and reduce its financial dependence on Geely. Volvo Cars said this was "a step towards the goal of launching activities as a listed company that has been stated for many years." For Volvo, this is the first time for its passenger car division to be listed, and it is also a long-cherished wish. Volvo Cars was originally the passenger car division of Volvo, the country's largest manufacturing company headquartered in Gothenburg, southwestern Sweden. In 1999, it was acquired by Ford Motor Company of the United States. Volvo retained the commercial vehicle, construction machinery and engine departments, etc. Since then, although they all use the Volvo brand, they have embarked on different paths. Geely acquired Volvo Cars in 2010. Volvo then accepted Geely's financial assistance, while "keeping key functions such as R&D in Sweden and maintaining operational independence" (said Volvo CEO Hakan Samuelsson). Volvo Cars is now experiencing a recovery in performance and its new Chinese plant has been put into operation. Sales and revenues for the fiscal year 2016 (ending December 2016) are expected to hit record highs. On the other hand, in the field of autonomous driving, the company has independently proposed a cooperation strategy with Swedish auto parts giant Autoliv and Uber, a US ride-sharing service giant. An initial public offering with obligations to shareholders other than Geely would be the final step in management's previous push for self-reliance. As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity. |
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