Geely's Volvo Cars have raised 5 billion Swedish crowns ($532 million) from a group of Swedish institutional investors in a step towards a listing of the Chinese-owned company. The investors bought newly-issued preference shares that would have "an immaterial dilutive effect" on China's Zhejiang Geely Holdings' 100 percent ownership. "Today's move is another step towards Volvo Cars' long expressed ambition to act as a listed company," the company said in a statement.