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JAC to open auto financial company

From GAS| January 19 , 2007 16:57 BJT

JAC (600418), Hefei-based automobile Co.,Ltd., announced the plan of cooperation with China Oriental Investment Management Co.,Ltd and JAC Group to jointly initiate an auto financial company whose registration capital is 500 million yuan (about 64 million dollars).JAC will invest 100 million yuan (about 12.82 million dollars) and JAC Group 150 million yuan (about 19.23 million dollars).

The business range of auto financial company will cover: more-than-three-month deposit from domestic shareholders, auto-buying loan, loan for auto purchasement and related facilities of auto dealers, transferring and selling due money business of auto-buying loan, loan from financial institutions, auto-buying vouching business, agency business relating to auto-buying financing and loan businesses and etc authorized by CBRC (China Banking Regulatory Commission).

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