BAIC Motor, a subsidiary of the Beijing Automotive Group, plans to be listed on the Hong Kong stock market in 2013, the Securities Daily reported on Wednesday.

The IPO is expected to be worth over 10 billion yuan ($1.58 billion), which will be used to support the company's proprietary brands business, the Securities Daily reported, citing an anonymous source from the company. Analysts said the IPO's major goal is to support BAIC Motor's proprietary brands such as medium-high end brand Saab and low-end brand Beijing.

China Daily-Agencies