WULING MOTORS: The Guangxi State-owned Assets Supervision and Administration Commission will transfer its 80% equity stake in Guangxi Automobile to Guangxi Guokong at zero consideration
WULING MOTORS announced that the Guangxi State-owned Assets Supervision and Administration Commission will transfer its 80% equity stake in Guangxi Automobile to Guangxi Guokong Capital Operation Group at zero consideration. This move aims to optimize the layout of state-owned capital. Guangxi Guokong is a wholly-owned company of the Guangxi State-owned Assets Supervision and Administration Commission. After the restructuring, Guangxi Automobile will still be the controlling shareholder of WULING MOTORS, holding approximately 56.54% of the equity
According to the announcement from Zhitong Finance APP, WULING MOTORS (00305) has received a notification from its indirect controlling shareholder, Guangxi Automobile Group Co., Ltd. (Guangxi Automobile). According to the relevant policies of the Guangxi Zhuang Autonomous Region Party Committee and the People's Government of Guangxi Zhuang Autonomous Region, the State-owned Assets Supervision and Administration Commission of the People's Government of Guangxi Zhuang Autonomous Region (Guangxi SASAC) will transfer its 80% equity in Guangxi Automobile to Guangxi State-owned Capital Operation Group Co., Ltd. (Guangxi State-owned Capital) at zero consideration (the restructuring).
Guangxi State-owned Capital is a wholly-owned company of Guangxi SASAC. As a state-owned capital investment and operation company at the autonomous region level, Guangxi State-owned Capital is entrusted by Guangxi SASAC to perform the duties of the investor. Following this free transfer of state-owned equity, Guangxi State-owned Capital will assume the 80% equity in Guangxi Automobile held by Guangxi SASAC, with the aim of optimizing the layout of state-owned capital.
After the completion of this restructuring, 80% of the equity in Guangxi Automobile will be held by Guangxi State-owned Capital, while Guangxi Automobile will remain the controlling shareholder of the company, holding approximately 56.54% of the company's issued share capital
