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On August 24, Mazda Automobile Co., Ltd. (hereinafter referred to as “Mazda”), Chongqing Changan Automobile Co., Ltd. (hereinafter referred to as “Changan Automobile”) and China First Automobile Co., Ltd. (hereinafter referred to as “China FAW”) (hereinafter collectively referred to as “Tripartite”) issued a joint statement:
Recently, China FAW successfully delisted the capital increase project of Changan Mazda Automobile Co., Ltd. (hereinafter referred to as “Changan Mazda”), a Chinese joint venture under Mazda and Changan Automobile, from the Beijing Equity Exchange. Accordingly, the three parties reached a consensus on China FAW’s participation in Changan Mazda. According to this consensus, China FAW, as the investor of Changan Mazda’s capital increase project, will use its 60% equity evaluation of FAW Mazda Automobile Sales Co., Ltd. (hereinafter referred to as “FAW Mazda”) to invest in Changan Mazda.
After the three parties have completed the approval procedures of relevant national government agencies in accordance with Chinese laws, Changan Mazda will be changed to a joint venture jointly funded by the three parties[hereinafter referred to as “(new) Changan Mazda”]and the proportion of the three parties’ investment is (Mazda) 47.5. %, (Changan Automobile) 47.5%, and (China FAW) 5%. (New) Changan Mazda will inherit related businesses of Changan Mazda and Mazda. At the same time, FAW Mazda will change to a joint venture jointly funded by Mazda and (new) Changan Mazda, and will continue to undertake the related business of Mazda brand vehicles.
In the future, the three parties will optimize the business structure and operation mode of joint ventures in China to the greatest extent to better meet the growing demands of the Chinese market.
On June 16 this year, the capital increase project of Changan Mazda Automobile Co., Ltd. was listed and disclosed on the Beijing Equity Exchange. According to the project announcement, after the capital increase of the “Changan Mazda Automobile Co., Ltd. Capital Increase Project” is completed, the new investor shall hold no more than 5% (inclusive) of shares, and the total shareholding ratio of the original shareholders shall not be less than 95% (inclusive); The capital is 5,840,400 US dollars, and the part of the raised funds exceeding the newly-added registered capital is included in the capital reserve, which is shared by the new and old shareholders in proportion to their shareholding.
With the completion of this transaction, the complete vehicle business of FAW Mazda and Changan Mazda will be merged. Mazda will have only one joint venture company in China, Changan Mazda, and Changan Mazda’s product line and dealer network will be greatly expanded.Return to Sohu to see more
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