Stake sale

ZOTYE Auto, a Chinese maker of sport-utility vehicles, is raising about 720 million yuan (US$106 million) by selling a 20 to 30-percent stake to a private equity fund-led consortium, aiming for a Shanghai initial public offering later, sources said yesterday.

Zotye planned to sell shares to a group of investors led by SND Ventures Group, a Chinese private equity firm backed by the Suzhou government. The deal was set to be completed later this month.