Shanghai (Gasgoo)- China Changan Automobile Group (CCAG), one of the controlling shareholders of Chongqing Changan Automobile Co., Ltd (Changan Auto), plans to transfer its 1,035,312,673 A-shares (accounting for 21.56% of total equity) in Changan Auto to China South Industries Group Corporation (CSGC) by means of gratuitous transfer, according to the announcement released by Changan Auto today.
Once the gratuitous transfer is completed, the CCAG (still Changan Auto's controlling shareholder) and its persons acting in concert will hold around 1.035 billion shares in Changan Auto, accounting for 21.56% of the total equity. In fact, Changan Auto's actual controller still remains unchanged because the CCAG is a wholly-owned subsidiary of the CSGC.
The CSGC was established on June 29, 1999 with a registered capital of RMB 35.3 billion. It is a China's state-owned manufacturer of automobiles, motorcycles, firearms, vehicle components, and optical-electronic products and other special products domestically and internationally. Besides, its businesses also cover state-owned assets' investments and operations.
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