Guangzhou Automobile Group Co. sold 115,000 cars in the first quarter and had sales revenue of CNY23.15 billion ($3.39 billion), the company's general manager, Zeng Qinghong, said Monday.

Zeng, who was speaking at a news conference at the Shanghai auto show, didn't give comparison data. Guangzhou Auto will consider mergers and acquisitions, as well as joint ventures and cooperation with local and foreign companies, and will launch its planned initial public offering when it is approved by regulators and market conditions are favorable, he said.

The company submitted an IPO application to China's securities regulator last year, he added. State media reported late last year the company delayed the listing because the unfolding global financial crisis slowed growth in the domestic auto market.

SOURCE : http://www.easybourse.com/bourse-actualite/marches/shanghai-auto-guangzhou-automobile-1q-car-sales-115-000-653507