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JAC might become Blackstone's next target
Shanghai. September 19 (Gasgoo.com) Jianghuai Automobile Company (JAC) might become the first automaker in China attracting investments from Blackstone, a world famous investment fund, Shanghai Securties News reported today.
On August 21, Stephen A Schwarzman, Blackstone president and CEO and Antony Leung, the former Hong Kong Finance Minister and Blackstone's Greater China Chairman visited JAC and had talks with JAC vice president Gong Renhe, JAC announced on its official website.
Gui Jianping, Chairman of State-asssets Supervision and Management Commission of Anhui province also attended in the talks.
Schwarzman and his team has also toured JAC's passenger vehicles and sedan production bases and heavy truck production facilities.
JAC's news release did not disclose any intentions of Blackstone's visit or any any possible deals. However, Shanghai Securities News said it is very likely that Blackstone may choose JAC as next target for investment in China.
Earlier this month, Blackstone has acquired 20 percent of BlueStar's (a subsidiary company of China Chemical Group) stake with USD 600 mln investment.
JAC is one of China's fastest growing automobile companies. In the first half of 2007, the company's sales revenue reached 10.1 bln yuan (USD 1.34 bln), up 20 percent year-on-year.
On August 21, Stephen A Schwarzman, Blackstone president and CEO and Antony Leung, the former Hong Kong Finance Minister and Blackstone's Greater China Chairman visited JAC and had talks with JAC vice president Gong Renhe, JAC announced on its official website.
Gui Jianping, Chairman of State-asssets Supervision and Management Commission of Anhui province also attended in the talks.
Schwarzman and his team has also toured JAC's passenger vehicles and sedan production bases and heavy truck production facilities.
JAC's news release did not disclose any intentions of Blackstone's visit or any any possible deals. However, Shanghai Securities News said it is very likely that Blackstone may choose JAC as next target for investment in China.
Earlier this month, Blackstone has acquired 20 percent of BlueStar's (a subsidiary company of China Chemical Group) stake with USD 600 mln investment.
JAC is one of China's fastest growing automobile companies. In the first half of 2007, the company's sales revenue reached 10.1 bln yuan (USD 1.34 bln), up 20 percent year-on-year.
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