Luxury car dealer plans IPO in Hong Kong

Henan-based luxury car dealer China Harmony Auto Holding plans a HK$2.44 billion ($314 million) initial public offering on the Hong Kong Stock Exchange, selling 275 million shares at HK$6.08 to HK$8.88 apiece.

The luxury car dealer has 25 showrooms in the country, trading 10 European and Japanese marques.

The company said in a statement filed to the Hong Kong Stock Exchange that revenue has surged by 77.3 percent on an annual basis during the past three years. It sold vehicles worth 5.24 billion yuan ($847 million) in 2012.