China FAW Group Have Been under More Tough Supervision from China’s Government
Gasgoo.com (Shanghai June 28th)– Shareholders from both China FAW Car Co., Ltd and China Tianjin FAW Xiali Automobile Co.,Ltd met today for reviewing proposal made by China FAW Group to change date for shares changes.
China’s government has kept closer eyes on development of this meeting, after that FAW Group made an application for delaying to perform its irrevocable commitment
According to Shenzhen Stock Exchange Office, China FAW Group should make detailed explanation about failure to live up to its promise, and announcement about its back-up plan.
Some shareholders of China FAW Group submitted a temporary proposal to China FAW Car Corporate on June 16 which, however, failed to meet the requirements.
On June 24, stock price of China FAW Car Co., Ltd closed at 10.66 RMB yuan per share, dropping by 0.74%; that of China Tianjin FAW Xiali Automobile Co.,Ltd closed at 5.17 RMB yuan per share, dropping by 0.96%.
Stock price of two companies has dropped by 19.18% and 19.18% respectively, compared with that of June 4 when China FAW Group made announcement to make change on date to perform its commitment of changing shares.
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