(Yicai) Feb. 18 -- Zhou Zhiping, the former general manager of Chinese carmaker Dongfeng Motor, has been reassigned to China South Industries Group Corporation, the parent company of auto giant Changan Automobile.

Zhou is now the director and GM of CSGC, replacing Zhang Yujin, who was named GM of Aero Engine Corporation of China, Beijing-based CSGC announced on its official website yesterday.

Zhou, 54, worked as director of CSGC and of its listed arm Changan Auto for three years from November 2018. In September 2021, he was transferred to carmaker FAW Group as deputy GM and then changed post again to become director and GM of Dongfeng Motor in March last year.

Dongfeng Automobile, Dongfeng Electronic Technology, and other of Dongfeng Motor's listed units announced on Feb. 9 possible changes to their indirect controlling shareholders. Changan Auto, Dongan Auto Engine, Great Wall Military Industry, Jianshe Industry Group, and other firms under CSGC unveiled similar plans on the same day.

The companies under CSGC said they had received a notice from the owner about ongoing restructuring plans with other state-owned enterprises. The restructuring might lead to changes in controlling shareholders but not in the actual controller, they noted, adding that the move still needs approval from relevant authorities.

Although Dongfeng and CSGC have not explicitly named each other as restructuring partners, there have been long-standing rumors in the auto industry about a strategic restructuring between Dongfeng Motor and Changan Auto at a group level.

The firms have not yet replied to Yicai's request for comment on the matter.

CSGC was set up in 1999 and holds over 50 firms and research and development organizations, including Changan Auto, Tianwei Group, Jialing, and Jianshe. It has over 30 production bases and marketing networks worldwide and has ties with Ford Motor, Suzuki Motor, Mazda Motor, Yamaha Motor, and Fuji, with an annual revenue exceeding CNY200 billion (USD27.5 billion).

Established in 1969, Dongfeng has sold around 60 million vehicles, with its assets reaching CNY521 billion and a headcount of 121,000 employees as of 2023. It owns high-end electric vehicle brand Voyah and has joint ventures with Honda Motor, Nissan Motor, and Stellantis.

Editors: Dou Shicong, Futura Costaglione