(Yicai Global) Nov. 23 -- Chery Automobile, China's largest passenger car exporter, has not found an investor to buy the newly issued stocks of the company's two units.

Chery announced on Sept. 17 that it is issuing CNY2 billion (USD288 million) worth of Chery Automobile's stocks and CNY1.1 billion worth of Chery Holding's shares, but no buyers showed up by the deadline of yesterday. The figures equaled to about 24 percent of the car firm's equity and about 14 percent of that of the holding company.

Seven investment companies, including property giants Baoneng Group and China Fortune Land Development, were interested in bidding, but may need more time to negotiate, an insider told Economic Observer. Baijiu distiller Wuliangye Yibin, electric vehicle firm Hybrid Kinetic Group, PRI and Capital were also on the list. 

The funds would be used to pay the Wuhu-based carmaker's debt and to develop Chery Holdings' existing and new businesses. The seller asked for the same investor to invest in both of the companies.

Chery's car sales rose 15 percent to over 593,000 units between January and October. The firm exported about 18 percent of the vehicles. The destinations for these cars included Brazil, Iran, and Russia. 

Editor: Emmi Laine