Zhejiang Geely Holding Group is considering to launch an initial public offering (IPO) for Volvo Cars, the carmaker it bought from Ford in 2010. “We are looking at the possibilities; we haven’t made a final decision on how to proceed yet,” a Geely Spokesperson said. Media reports said that Geely has selected investment banks including Citigroup to advise on an IPO this year. Bloomberg reported that Geely and Volvo have discussed valuing the Swedish automaker in a range of USD16 billion to USD30 billion. It also said the two are planning a dual listing in both Hong Kong and Sweden, and the shares could be sold as early as this fall. But Geely did not confirm the news.

Volvo sold 200,042 cars from January to April this year, up 13.6% year-on-year. In China, its largest market, it sold 39,210 cars, up 22.4%. Geely Automobile, which is also owned by Zhejiang Geely Holding Group, is listed in Hong Kong. Its shares doubled in value over the last 12 months. Geely has been one of the best-selling Chinese passenger carmakers in China. It sold 524,000 cars from January to April, ranking second only to state-owned SAIC Motor, soaring by some 40% year-on-year, according to the China Association of Automobile Manufacturers (CAAM).