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　　local time Monday, the German auto giant Volkswagen Group announced that it will make its sports car brand Porsche listed independently. The Porsche listing may create a record market value and become one of the largest listings in the history of the world.

　　Volkswagen Group has announced preliminary plans to go public, with Porsche slated for an initial public offering in late September or early October, with all work to be done by the end of the year. Volkswagen also emphasized that the listing work and the specific timing depend on changes in the capital market.

　　According to sources, the Volkswagen Group may extend the original four-week roadshow time (encouraging more investment institutions to buy stocks). In addition, if there is little investor interest and the market value of Porsche Capital fails to meet expectations, then the Volkswagen Group may also cancel. Listing plan.

　　One source said that the launch of Porsche was a "technical start" and that the preparations had been made, but there was no guarantee that the bell of Porsche's launch would be able to ring.

　　make history

　　Investment institutions predict that Porsche's market value is between 60 billion euros and 85 billion euros ($60 billion to $85 billion). While the Porsche brand is strong, the capitalization of other luxury car brands, such as Aston Martin and Ferrari, has fallen recently.

　　According to the upper limit of the expected market value, the IPO will be the largest IPO in the history of the German capital market and the largest in European stock markets since 1999.

　　It is said that Qatar, a wealthy country in the Middle East, will become a cornerstone investor in the listing and will buy a 4.99% stake in Porsche's listed company.

　　The Volkswagen Group also plans to issue preferred shares to retail investors in many European countries, including France, Spain and Italy, where Volkswagen hopes to revive the Porsche brand's investment interest in "hard fans".

　　The Volkswagen Group has also approved a plan in which 25% of "Porsche AG" plus 1 share will be transferred to "Porsche SE", so that the Porsche and Piech families, which control the Volkswagen Group, will receive the ownership of Porsche AG. The minority shareholder status of the veto can also control Porsche in the future.

　　Volkswagen said that the launch of Porsche is an important step in the transformation of Volkswagen. At present, Volkswagen is following the trend of the world, increasing pure electric vehicle models and expanding the scale of software.

　　Porsche has become a world-renowned luxury car brand with a strong brand premium capability, thus becoming a cash cow for the Volkswagen Group. Operating profit for the Porsche brand jumped 22 percent in the first half of the year, compared with an 8 percent drop in operating profit for the "Volkswagen" brand (not the Volkswagen Group), which primarily targets the mass market.

　　Why Dangerous Times Go Public

　　Hendrik Schmidt, a corporate governance expert from Volkswagen Group shareholder "DWS", analyzed that there is only one biggest purpose behind the listing in the context of the current European capital market turmoil, that is, the controllers Porsche family and Piech family want to obtain Porsche for greater control.

　　Ingo Speich, an executive at Volkswagen Group shareholder "Deka Investments", said that the current capital market is quite unfavorable for Porsche's listing. Spezy did not comment on whether his company would buy a stake in Porsche.

　　special dividend

　　If Porsche is successfully listed, the Volkswagen Group will hold a special shareholders meeting in December this year and propose a special dividend plan, that is, 49% of the funds raised by Porsche's listing will be distributed to shareholders early next year.