Chinese Carmaker FAW Xiali to Undergo Shareholder Shakeup as Parent Firm Looks to Sell Stock
Dou Shicong
DATE:  Sep 22 2017
/ SOURCE:  Yicai
Chinese Carmaker FAW Xiali to Undergo Shareholder Shakeup as Parent Firm Looks to Sell Stock 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.

Follow Yicai Global on
Keywords:   MSCI,Gree Electric Appliances,Electric Vehicles