China's largest pick-up truck maker Great Wall Automobile plans to raise US$150 million through an H-share initial public offering (IPO) by the end of the year, according to market sources. The Hebei-based company is believed to have submitted a confidential filing with the Hong Kong stock exchange for the IPO and listing on the Hong Kong main board. The share offering will be lead-managed by BNP Paribas Peregrine. Privately run Great Wall has ranked as China's largest pick-up truck maker by the number of trucks sold since 1998, according to its website. It also produces sports utility vehicles, buses and special purpose vehicles such as refrigerated trucks. Last year, it sold 45,000 vehicles, bringing in revenue of about four billion yuan (HK$3.75 billion) and pre-tax profit of about 600 million yuan. The number of vehicles sold and revenue recorded were 15.7 times and 22.2 times 1997 figures. The firm exported more than 3,150 vehicles last year, generating foreign currency revenue of about US$20 million. China's car industry is plagued by overcapacity and dotted with small, inefficient manufacturers. Although domestic prices of pick-up trucks are less volatile than those of cars, Great Wall and its peers have engaged in a minor price war this year. Even so, Great Wall forecast revenue of six billion yuan this year on sales of 60,000 pick-up trucks and sports utility vehicles. Profit is forecast to reach 700 million yuan and up to 800 million yuan has been invested in a new plant, according to the website.