SAIC Motor Corp, China's largest listed auto maker, will set up an equity investment subsidiary to invest in auto and auto-related industries.
The company's board yesterday approved the setup of the proposed unit, which will have a registered capital of 500 million yuan ($75.5 million) and be based in Shanghai, SAIC said Tuesday in a filing to the Shanghai Stock Exchange.
The company also agreed to set up a 51 percent owned joint venture at the Caofeidian industrial zone in Tangshan, Hebei Province, with two local firms to make passenger cars.
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