FAW began to integrate weaker light commercial vehicle segments. Yesterday, FAW announced in Qingdao that it would integrate FAW Hongta and FAW Harbin Light Depot to establish FAW Light Vehicle Co., Ltd. in Qingdao. After the integration, FAW Hongta and FAW Harbin were used as their production bases, and the headquarters for decision management moved to Qingdao.
In addition to integrating the above two resources, FAW added an additional 295 million yuan to a wholly-owned subsidiary. FAW Group will hold 34.97% of the equity of FAW Hongta and the net assets of Harbin light depots after they have been reduced. They will inject new assets through asset transfer. After the capital increase was completed, the company’s registered capital was approximately RMB 650 million.
FAW attaches great importance to this listing. Yesterday, Yan Fufeng, general manager of FAW, who was to serve as vice governor of Jilin Province, personally came to Qingdao to unveil the company.
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