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China’s BAIC Motor Hires Banks for a $2 Billion I.P.O.

China’s BAIC Motor Hires Banks for a $2 Billion I.P.O.

The Chinese carmaker BAIC Motor, partly owned by Daimler of Germany, has hired four banks for an initial public offering in Hong Kong worth up to $2 billion.

The company has hired HSBC, Citic Securities International, Deutsche Bank and UBS, according to a prospectus filed earlier this week with the Hong Kong stock exchange.

BAIC Motor is the passenger-car unit of the state-owned Beijing Automotive Group. In November, Daimler sealed a deal to buy a 12 percent stake in BAIC Motor for 640 million euros, or $873 million, to increase its presence in China and secure a foothold before the long-expected I.P.O.

BAIC makes cars under Daimler’s Mercedes-Benz brand. It also has a joint venture with Hyundai Motor of South Korea and makes Hyundai-brand cars, as well as vehicles under its own brand.

The planned listing comes as sales continue to grow in China, the world’s largest market for passenger cars, even as the economy slows. In the first five months of the year, 9.84 million vehicles were sold in the country, up 9 percent from a year earlier, according to the China Association of Automobile Manufacturers.

The listing could fund Beijing Automotive Group’s ambition to join the ranks of China’s biggest automakers, including SAIC Motor, Dongfeng Group and FAW Group, as the government tries to consolidate the industry and form globally competitive companies.