Chinese Carmaker FAW Xiali to Undergo Shareholder Shakeup as Parent Firm Looks to Sell Stock(Yicai Global) Sept. 22 -- FAW Group Corp., the controlling shareholder of Chinese carmaker Tianjin FAW Xiali Automobile Co. [SHE:000927], plans to transfer some of the subsidiary's shares through public solicitation, the parent said in a press briefing on Sept. 21.
The announcement implies that the information will be released once the move has been approved by the State-Owned Assets Supervision and Administration Commission of the State Council.
Dong Mingzhu, chairman of Chinese air conditioning giant Gree Electric Appliances Inc. of Zhuhai [SHE:000651], plans to buy shares in the Faw Xiali, Securities Daily quoted him as saying on Sept. 18. Gree clarified a day later that an agreement with FAW Xiali is yet to be finalized.
Gree aims to transform FAW Xiali into a new-energy vehicle manufacturer if it becomes a shareholder, it said.
FAW Group holds a 47.73% stake in FAW Xiali.
