Chinese automaker BAIC Motor, partly owned by Daimler AG, plans to raise up to $2 billion in a Hong Kong initial public offering this year, capitalising on the strong growth prospects for the world's biggest auto market.Thomson Reuters publication IFR, citing sources familiar with the plans, reported on Friday that the IPO was likely in the second quarter of 2014.China's auto market is expected to see a second year of double-digit growth, helped by an anticipated array of economic stimulus measures and robust demand for cars in smaller cities in interior regions, according to industry executives and analysts.Goldman Sachs and Morgan Stanley have been working on the BAIC IPO since 2013.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.68% or $-0.22/share to $32.00. In the past year, the shares have traded as low as $20.16 and as high as $32.24. On average, 11506000 shares of MS exchange hands on a given day and today's volume is recorded at 21899846.
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