Recently, the reporter learned from relevant parties that the Shanghai Automotive Industry Corporation (Group) Corporation will formally establish Shanghai Automotive Group Co., Ltd. on December 30th (Thursday) for the implementation of restructuring and restructuring. The company will not only replace SAIC as a shareholder of SAIC Motor (600104), but will also become the main body of SAIC's overseas listing. As a result, the prelude to the overseas listing of SAIC Group will be formally opened. In an interview with reporters, Zhu Xiangjun, deputy director and spokesperson of SAIC Motor’s president’s office, said that Shanghai Automobile Group Co., Ltd., which will soon be unveiled, is a holding company, joint venture, and joint venture held by SAIC and related to the automotive industry. The equity assets of the participating companies were initiated as a contribution, including all the state-owned shares held by SAIC, totaling 2,293,193,631 shares (accounting for 70% of the total number of shares of Shanghai Automotive); at the same time, Shanghai Automotive Group Co., Ltd. will replace SAIC to become "Shanghai Auto" shareholders. "These state-owned non-tradable shares are not part of the major assets of Shanghai Automotive Group Co., Ltd." Zhu Xiangjun said that the assets of the new stock company will also include Chinese state-owned shares of Shanghai Volkswagen and other vehicle companies. However, she did not elaborate on the specific composition of the new company. According to informed sources, SAIC Group is expected to launch initial listings in Hong Kong and New York at the same time in the first half of next year. It plans to raise 6 billion U.S. dollars, of which 2 billion U.S. dollars will be raised in Hong Kong; and SAIC Group’s initial public offering plan (IPO) It is in full swing. (Jiang Tingting)
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