Shanghai Automotive Industry Corporation (Group) (SAIC), made an announcement on 7th,June that the 5491.549456 million state-owned shares has been transferred to the factual controller of the mother company---SAIC Group. SAIC gains a larger control lever of all the business.
The no-pay transfer has been finished, and the SAIC Group now directly controls 5491,5495 million shares, accounting for 83.83% of the total. And the SAIC Motor Co., Ltd, a subsidiary of the SAIC Group, will no longer control shares of the Group.
As one of the top 3 automotive corporations in China, SAIC has a whole lineup of products in SGM, SVW, SSANGYONG, SGMW and Sunwin. As a strategic partner with global OEMs like VW and GM, SAIC also has launched Roewe brand and its 750 model through integration and technological innovation.
