MG will open equity investment channel

Recently, Wang Haoliang, Chairman of NAC said in Beijing, "Our aim is to achieve an output and sales of MG 200,000 annually. The fund raising is highly required. More funds are attracted to NAC, it is considerable to attract diversified investors, investors from other industries, including the financial capital, whether state-owned, private or foreign capital will be considered."

Despite projects MG's initial capital 3.5 billion have been raised by investment and loans from financial institutions, MG need to acquire a considerable amount of investment funds to activate fixed and intangible assets.

"NAC whole revenue growth rate was 16.6% in 2006, and products efficiency increased 16.7%. Profits and tax grew 177%. Profit increased by 0.4 billion. "Yu Jianwei, NAC general manager refused to disclose profit figures of 2006. Since 2005 NAC was 350 million in loss, which means that profit margin of NAC were 50 million yuan last year.

Meanwhile, the reform of the property rights system has been launched among auto parts enterprises and many former state-owned auto parts enterprises have joint ventures with foreign investors. “NAC is holding 50% share. In aluminum casting factory, the foreign shareholding proportion is as high as 75%. "Yu Jianwei said.