Three subsidiaries of Dongfeng merge

Shanghai (Gasgoo)- Three companies in Dongfeng Group released announcement on December 19th that Dongfeng Huashen Automobile Company Ltd. would merge Dongfeng Shiyan Special Commercial Vehicle Co. Ltd. and Dongfeng Shiyan Special Vehicle Body Co. Ltd.

When the transaction completes, Dongfeng Huashen Automobile Company Ltd. exists and the other two companies will cancel registration in accordance with the law, and the existing company will burden claims and debts of all sides.

The above three companies are all subsidiaries of Dongfeng Special Commercial Vehicle Company Ltd. with headquarters in Shiyan. On November 4th, Dongfeng Group officially released new commercial vehicle brand Huashen, ambitious to become a leading brand in special vehicle market. In this way, commercial vehicle business under Dongfeng Group show rational division with one main brand Dongfeng being supported by two subordinate brands Chenglong and Huashen. Besides, Dongfeng special vehicle business will be further focused. Dongfeng will focus on integrating resources this year by gradually peeling off non-core businesses and developing main businesses.

Dongfeng Electric Vehicle Co. Ltd., a subsidiary of Dongfeng, signed asset transaction agreement with Dongfeng Real Estate to transfer its investment property and land use right in Wuhan economic and technological development zone with a price of RMB 204 million to support developments of electric vehicles.

Dongfeng agreed to transfer 85% stake in Dongfeng Industrial Co. Ltd on September 20th. In December, Dongfeng plans to sell 80% stake in Dongfeng Real Estate with a price of RMB 872 million.