Chongqing Changan Automobile Co is pricing its B shares at between $1.77 and $1.95 to raise up to $587.5 million - almost 25 per cent less than the original target. The mini-car maker based in Chongqing, in Sichuan province, had aimed to raise at least 800 million yuan (about HK$744 million) from the sale of 250 million B shares for trading in Shenzhen. Vice-director of enterprise reform at the parent China North Industries Group, Liu Bingwen said it was decided to adjust the amount required after considering the discrepancy between profit forecast at the start of the year and the actual sales figures in mid-year. Mr Liu said Changan had projected full-year profit of 300 million yuan at the start of the year. The forecast had since been scaled back to 220 million yuan - about the same as last year. General manager Jiang Congshou said first-half sales were 14 per cent lower than in the same period last year. The company hoped that new models on offer since June would help the company make a turnaround in business. 'Sales have been satisfactory in the third quarter,' Mr Jiang said. 'If the trend continues in the remainder of the year, we are optimistic the profit forecast can be reached.' At between $1.77 and $1.95 a share, Changan sold half the shares on offer at between 6.05 and 6.07 times this year's fully diluted earnings. Per-share earnings were forecast at 0.29 yuan. Changan could raise up to $243.75 million from 125 million B shares that were not taken up by Japan's Suzuki Motor Corp. Suzuki bought the other 125 million shares at 2.96 yuan a share, raising a total of $343.75 million.