RPT-AUTOSHOW-Chinese automakers mull IPO to fund national brand

(Repeats to widen distribution)

By Fang Yan

SHANGHAI, April 21 (Reuters) - Investors who want to share the growth of the world's second-largest auto market will have more choices as many automakers are lining up for initial public offerings, largely to help shore up their own-brand vehicle business despite a slumping stock market.

After churning out Accords and Audis for years, Chinese automakers -- from Toyota Motor's (7203.T: Quote, Profile, Research) China partner to independent player Great Wall Motor (2333.HK: Quote, Profile, Research) -- are working harder then ever to develop national brands, hoping to compete head-on with established foreign brands globally.

"The big state auto groups have been mulling to go public for years, but restructuring always takes longer than expected," said Zhang Xin, a senior industry analysts with Guotai Junan Securities.

"Their costly own-brand strategy has now made IPO a must rather than a target."

China South Industries Motor Co, that makes own-brand cars as cheap as 40,000 yuan ($5,720), has scheduled to debut in Hong Kong this summer, raising up to HK$4 billion ($513 million), its Vice President Deng Zhiyou told Reuters on Sunday.

The China partner of Ford Motor Co (F.N: Quote, Profile, Research) and Mazda Motor Co (7261.T: Quote, Profile, Research) unveiled its first mid-range sedan along with a fuel-cell concept model at the Beijing Auto Show, amid repeated pledges by its top executives to further boost national brands.

FAW Group, whose Red Flag sedan -- once a favourite pick of Chinese state leaders -- has been outshined by Audi made with its venture with Volkswagen (VOWG.DE: Quote, Profile, Research) is also keen to tap the capital market to bank roll the revival of national brands at a cost of 13 billion yuan.