(Yicai Global) May 15 -- Reports that Zhejiang Geely Holding Group Co. is in talks with Beijing Automotive Group Co. (BAIC) over an equity purchase deal are groundless and untrue, BAIC said on its official microblog account today, citing a joint statement by the two companies.

Hangzhou-based Geely is looking at BAIC as its next acquisition target and is negotiating with the latter for an equity purchase deal, Chinese automobile magazine Auto Community reported today.

Editor: Ben Armour