Automaker Ruihua to Raise ¥4b from VC and IPO

Shanghai Ruihua Group, an automotive manufacturer, is going to raise at least ¥4 billion through venture capital funding and initial public offering within 3 years, general manager Shuai Yuanhong said over the weekend. Looking to its exports of electric vehicles, the carmaker expects to net ¥4 billion from ¥30 billion in revenue over the coming 5 years. The Shanghai government will source 1,100 Ruihua eco-friendly cars in 3 years.

$1 = ¥6.8