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A few days ago, Shanghai Automotive’s previously announced restructuring plan indicated that SAIC Motor will issue approximately 1.728 billion shares to SAIC and SAIC Industries at a price of 16.53 yuan, and purchase the independent parts and components business held by SAIC and SAIC. The estimated equity of 22 companies in the service trade business and new energy auto business is 28.56 billion yuan. After the reorganization is completed, SAIC Group will no longer maintain its business operations and achieve overall listing.
In this restructuring plan, the most interesting thing is that Shanghai Automotive intends to issue shares to SAIC Motor to purchase the 1.552 billion shares of Huayu Auto held by SAIC Motor. According to the announcement, the 1.552 billion shares accounted for 60.10% of the total share capital of Huayu Automobile. The total price of the subject shares transferred is 15.493 billion yuan. After the completion of the acquisition, SAIC Motor will hold 60.10% of the equity of Huayu Automobile and become the controlling shareholder of Huayu Automobile. This also means that SAIC Motor's overall listing plan will soon be completed.
"Shangqi Group" is one of China's four major automotive groups. It is mainly engaged in the production, sales, development, investment, and related automotive service trade and financial services of passenger cars, commercial vehicles and auto parts. In 2010, SAIC Motor Co., Ltd. It was selected by the China Industrial Economic Research Institute for the “Top 500 Manufacturing Enterprises in China†list. After the reorganization plan, Shanghai Automotive, which will be listed as a whole, will be more competitive.