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AIG now owns 13.%% of Lifan

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AIG buys 13.5% of China's Lifan for US$90 million


Tuesday, July 22, 2008

SHANGHAI -- China's largest motorcycle maker, Lifan Group, which is diversifying into car production

, has sold a 13.5 percent stake to AIG for US$90 million, two Lifan executives said Monday.

The deal has won regulatory approval and will pave the way for Lifan's planned stock market listing, said one of the executives.

Yin Mingshan, Lifan's majority shareholder, told Reuters last October that his firm aimed to raise more than 1 billion yuan (US$147 million) in an initial public offering (IPO) in 2008 and had hired Guotai Junan Securities, a major Chinese brokerage, as its adviser.

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