KKR-Backed Rundong Auto Plans $300M HK IPO

Jiangsu province-based Chinese automobile dealership company Rundong Automobile Group is planning an IPO in Hong Kong to raise as much as US$300 million during the first half of 2014, according to media reports.

KKR & Co. invested US$100 million in Rundong Auto in 2010 for an undisclosed stake.

Rundong Auto currently operates more than 50 dealerships in eastern China, featuring luxury brands including BMW and Land Rover.

Bank of America Merrill Lynch and Morgan Stanley are arranging the share sale.

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