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Changan transfers NEV business, assets to wholly-owned subsidiary

Shiny From Gasgoo| August 29 , 2018

China auto news, Changan Automobile NEV business asset transfer

Shanghai (Gasgoo)- In order to boost the development of new energy vehicle (NEV) business, Changan Automobile announced on Aug. 28 that it plans to reorganize internal assets, arming to transfer part of NEV-related assets, business and staff members to its wholly-owned subsidiary, Chongqing Changan NEV Science and Technology Co., Ltd. 

It is said that Changan plans to take May 31 as base date to audit the fixed assets, inventory, other account receivable as well as patents, patent application rights, software copyrights and technology secrets, and will transfer the audited book value to its wholly-owned subsidiary. The asset and liability changes happened between base date of audit and delivery date will be adjusted and transferred according to actual changes.  

According to the audit report from Ernst & Young Hua Ming LLP, the transferred assets totaled RMB 1,135,128,338.9 till May 31, 2018.

Changan Automobile stated that the transfer aims to adjust the internal business architecture of the company and integrate businesses, which will benefit for optimizing allocation of resources and rationalizing management relations, helping promote the development of the company. 

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