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Changan Auto, China's fourth largest carmaker, plans to raise $500 million to $1 billion in an initial public offering by the end of this year, probably in Hong Kong, a person familiar with the matter said on Tuesday.

Changan Auto has hired Citigroup and Goldman Sachs to handle the offering, which is still in the early planning stages, the source said.

Changan Auto has partnered with U.S. carmaker Ford Motor Co. and is the country's largest manufacturer of mini-vans.

Changan Auto is already listed on the Shenzhen stock exchange, and its shares were up 2.59 percent at 15.85 yuan in early trading on Tuesday.

The Chongqing-based company posted a 14-percent decline in first quarter profit last month but gave no explanation for the decline in earnings.