China’s multi-trillion company Wanda Group sets up auto venture in Zhuhai

Beijing (Gasgoo)- China’s well-known enterprise, Dalian Wanda Group, has established an auto venture in Zhuhai with RMB100 million registered capital, according to corporate database Tianyancha.

Wanda building; photo credit: Wanda Group

The new venture, Wanda Automobile Technology Services Co., Ltd., is permitted to operate in new car sales, auto parts wholesale, vehicle charging sales, etc.

In fact, Wanda has been laying out in the auto industry long before forming this new venture.

Recently, China’s home appliances mogul Gree won the bid of battery manufacturer Yinlong New Energy for RMB1.8 trillion ($) and changed the latter’s name to Gree Titanium New Energy.  Dalian Wanda Group holds 3.73% of the company’s stake.

Moreover, the new auto venture Wanda Automobile is registered Zhuhai, which is also home to Gree.

Photo credit: Gree

Early on, on August 20th, Dalian Wanda Group has formed a partnership with major Chinese automaker FAW Group. One of the major distributors of FAW’s Hongqi brand, Taiyue Group, was also present at the ceremony.

H9; photo credit: Hongqi

On October 11th, FAW Group and Wanda made their first announcement that the two companies will co-construct an “experience ecosystem for Hongqi users”.

Notably, the other shareholder of Wanda Automobile is a recently formed company whose 80% stake is held by the chairman of Taiyue Group.