Shanghai. January 10 (Gasgoo.com) – Beiqi Foton Motor will transfer 264 million shares of its state-owned equity to Beijing Automobile Industry Holding Corporation (Beijing Auto), the Shanghai-listed Beiqi Foton announced today.
The 264 million shares, formerly owned by Beiqi Motorcycle Manufacturing United (a subsidiary of Beijing Auto), will be transferred to Beijing Auto as state-owned equity transfer.
Before the transfer, Beijing Auto holds 31.98 million shares of Beiqi Foton’s equity; after the transferring of the 264 million shares, Beijing Auto will hold 296 million shares or a 36.43 percent stake of Beiqi Foton.
The transfer is subject to approval from China Securities Regulatory Commission.
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