Shanghai, June 10 (Gasgoo.com) At the shareholder meeting on June 9, Shanghai Automotive Industry Corp (SAIC, 600104.sh) passed its resolution to establish the Chinese auto giant's investment company in Hong Kong, the 21st Century Business Herald reported. The new company will serve as a platform for boosting SAIC's global operations.
The SAIC Motor Hong Kong Investment Co., Ltd. will be registered in the Hong Kong Special Administrative Region, with registration capital of US$9.9 million. The company will mainly specialize in the international trade, investment, technical and service trades, training and counseling related to automobiles and auto-parts.
SAIC president Chen Hong told the Chinese business newspaper yesterday that all competitive global automakers have mature global businesses, and SAIC Motor is also trying to make itself a globally competitive automaker with international operations.
As China's auto giant, SAIC has been an active player in the global auto industry, by operating successfully through its joint ventures with global auto giants General Motors and Volkswagen AG. In addition, SAIC has also merged British Rover, Korean Ssangyong and other global auto assets.
The establishment of SAIC's investment company in Hong Kong is expected to raise more fund for the largest Chinese automaker and will also further expand its global operations and markets.
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