Telstra is listing its majority-owned car sales business Autohome on the NYSE, according to documents filed with the Securities Exchange Commission.
The listing was first reported in the AFR, and will see it retain 39.3% of shares. This will mean Telstra maintains 51% of the voting rights.
“So long as Telstra holds at least 51% of our voting rights, Telstra will be entitled to appoint at least a majority of our directors,” it said in the documents.
The business operates the top car sales site in China, autohome.com.cn, which employs 1092 staff who cover 117 cities in the country.
Goldman Sachs and Deutsche Bank are advising. The Fin’s report says it could be worth up to $1 billion when it lists.
There’s more here.